QUESTION
Will the Bank of America try to take the assets my mother willed to my brother and I?
Asked on Dec 31st, 2013 on Trusts and Estates - California
More details to this question:
All of her assets are in a TRUST, equal shares are to be distributed to my brother and I. I owe around $6,000 on a BofA credit card and have not made a payment in over 18 months. I also had a corporation which owes BofA around $90,000 on a loan. The business was closed in May, 2012. The corporation/business has not made a payment for over 1 year now. All accounts the corporation had have been closed.
1 ANSWER
Taxation Attorney serving Santa Monica, CA
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Bank of America cannot grab assets unless it has a security interest in the assets or obtains a judgment against you. It cannot grab your personal assets for debts owned solely by the corporation (unless you have failed to keep corporate formalities). If you dissolved the corporation, the Bank of America can only seek payment of the value which you received from the corporation when it dissolved.
Answered on Dec 31st, 2013 at 3:10 PM