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QUESTION

Is spendthrift trust safe in bankruptcy?

Asked on Jul 14th, 2016 on Bankruptcy - Michigan
More details to this question:
N/A
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4 ANSWERS

Ronald Karl Nims
Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Yes, spendthrift trusts are designed specifically to avoid the claims of creditors including bankruptcy.
Answered on Aug 22nd, 2016 at 6:44 AM

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Dorothy G. Bunce
Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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A spendthrift trust would have to have been created more than 4 years ago to be safe in bankruptcy. Bankruptcy trustees undo these devices all the time here.
Answered on Aug 10th, 2016 at 6:07 PM

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Atty. Richard B. Jacobson
Bankruptcy Attorney serving Madison, WI at Richard B. Jacobson & Associates, LLC
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Yes if it is properly drafted, it does not become part of the bankruptcy estate. It's a good idea to hire an experienced BR lawyer.
Answered on Aug 10th, 2016 at 11:50 AM

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Charles J Schneider
Bankruptcy Attorney serving Livonia, MI at Charles J. Schneider, P.C.
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In general, no.
Answered on Aug 10th, 2016 at 11:49 AM

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