Filing personal ch. 7 bankruptcy while house is in family trust.

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Filing personal ch. 7 bankruptcy while house is in family trust.

I need to file for personal BK protection, but my home is in a family trust right now. The inital consultation with a BK attorney left me with the impression that I couldn’t file ch 7 while the house is in a trust, I’d have to file Ch 13. Is this accurate?If so, what if I put the house back in my name, wait a few months, then file, is that legal?

Asked on June 18, 2009 under Bankruptcy Law, Colorado

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You really cannot expect to get a definitive answer herein.  If it is in a family trust, the house is not yours.  It belongs to the trust.  Who are the trustees?  Who are the potential beneficiaries?

Chapter 13 may or may not be the answer.  You need a new lawyer.  If the one you talked to didn't know, then you picked one who didn't have such an experience.  Go back to the drawing board.   Try www.attorneypages.com, check his or her record at the Colorado State Bar, ask what type of experience he or she has, etc.


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