Legal Question in Bankruptcy in Georgia

Bankruptcy and a trust

I am the beneficiary of a trust and a single parent. The trust owns our home and provides monthly income. I am in terrible debt. Is it possible to file bankruptcy if I am beneficiary of a trust ??? I do not want to ,if the trust could provide more income to help cover my monthly payments.


Asked on 5/30/07, 11:55 am

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Bankruptcy and a trust

Without seeing the trust and your financial information, there's no way to answer you, but my office handles such cases, and a bankruptcy might be an option. If you'll get our free worksheet at www.glenashman.com (and are in or near metro Atlanta) we can review your numbers and options with you.

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Answered on 5/30/07, 12:35 pm
Robert Thompson J. Robert Thompson Attorney

Re: Bankruptcy and a trust

Having a trust does not make it impossible to file bankruptcy. The real question is, can a bankruptcy trustee take over the principal of the trust? Without seeing the trust instrument and knowing all of the facts concerning its creation, this question cannot be answered.

You should consult a bankruptcy attorney, and provide him with full information.

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Answered on 5/30/07, 12:39 pm


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