QUESTION

What is the best way to protect myself if I can't Homestead it?

Asked on Apr 21st, 2017 on Bankruptcy - Nevada
More details to this question:
If there is a soon to be judgment against me, they can't attach it to a jointly held property in a revocable trust in another state. Is the same true in another state?
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2 ANSWERS

Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Any interest in property that you own may be attached for a judgment. So, it is possible to attach jointly held property in a revocable trust. However, the judgment creditor will have to identify the property and file the property documents to attach your interest. Often, a judgment creditor won't bother unless the interest is quite valuable.
Answered on Jul 20th, 2017 at 10:30 AM

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Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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It will depend on whether the trust is considered to be valid in the state where the property is located. Your question makes a contradictory statement that the real estate is held jointly by the trust. Having a trust jointly own real estate with another person suggests that the person who put this trust together was inexperienced and did not know what he or she was doing.
Answered on Jul 19th, 2017 at 4:43 PM

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