Legal Question in Bankruptcy in California

I am in a position where i need to file bankruptcy. My father passed away in 2007 he named my sisters & I in a Trust which only includes the home he lived in. We have been unable to sell the home due to the current market so no funds have been available to be distrubuted. How will the bankruptcy effect the Trust. If it does effect the Trust can it effect the proceeds my sisters could receive if/when the home sells

Thank you


Asked on 4/08/10, 12:18 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

From your description it sounds like you are now on title to the real estate. If so, your interest in that asset and any other assets of the Trust, are assets of any bankruptcy case you file. Whether and to what extent it affects you or your sisters depends on the values involved and what exemptions you have available. You need to have a comprehensive consult with a bankruptcy attorney to fully answer your questions. For more on exemptions, see bankruptcy exemptions.

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Answered on 4/13/10, 12:31 pm


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