trust

Can a Trust Protect My Assets if I Declare Bankruptcy?

A trust can protect your assets if you have to declare bankruptcy, depending on the type of trust you have. Assets in revocable living trusts can be seized by an individual's creditors if he or she files for Chapter 7 bankruptcy. Assets in an irrevocable trust cannot be seized. This is because of the difference in the assets' ownership in each of these trust types.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com