QUESTION
inheirited living trust,co trustee with sister,does it now make it irrevocable,if so why chapter 13 still recommended if irrevocable trust protects ?
Asked on Mar 30th, 2020 on Bankruptcy - California
More details to this question:
credit card debts, minimum made it too hard to keep up, along with personal issues hired a local lawyer to negotiate, still got served , obviously was ripped off, am co trustee with sister of I assume its now irrevocable, read irrevcable means creditors cant ouch assests so why am I being told to file 13 and not just try even if takes 100 yrs to negotiate and pay off debt by debt and try to settle out of court this suit ? am freaking out thnx
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
If you already "inherited" the living trust, then you are now the owner of the Trust corpus, so there is nothing to revoke.
You need to have a consultation with an experienced bankruptcy attorney in your area to go over all th relevant information and advise you on your options. Without knowing your income, expenses, value of your assets, amount of your debts, and other specific information (including the terms, conditions and elements of the Trust), there's no way to advise you on any of this.
If you live in the Los Angeles Area and would like a free phone consultation, I'm happy to assist. To do so please visit https://www.bklaw.com/consultmain/ to submit your information and schedule an appointment.
Answered on Apr 01st, 2020 at 3:11 PM