Yes, you must report these assets. You need to see a competent bankruptcy lawyer about this self settled trust before you file.

Answer Applies to: California
Replied: 9/29/2011

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If you are the beneficiary of a spend thrift trust then the assets in the spend thrift trust are likely protected. If however, you are the one who set up the trust and you put your assets in the trust the property is only protected so long as AZ state law protects it.

Answer Applies to: Arizona
Replied: 9/29/2011

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It depends on who set up the living trust (that is, who is the "settlor"of the trust). If you set it up, that is called a "self-settled" trust and it is not protected from your creditors (at least not in Virginia and most other states). If it is not protected from creditors, then it is not protected in a bankruptcy - it must be disclosed on your bankruptcy papers as an asset and the money in the trust will likely be taken by the bankruptcy trustee to pay some or all of the debts that you owe. If, however, someone else set up the living trust for your benefit and if it is a "spendthrift trust" (which means that you cannot assign your interest in the trust to a creditor and it contains specific language stating that it is a spendthrift trust), then it is probably protected in a bankruptcy - it must meet both tests, however, and contain that specific language in order for it to be protected. Basically, if you set up the trust or have control over the funds in the trust, then that money can be gotten to by the bankruptcy trustee. However, if someone else is the settlor andyou don't havecontrol over the money (meaning that you are not named as the trustee), then it is probably protected. However, even if the trust is set up by someone else for your benefit, it has to be done by someone who has a lot of knowledge about bankruptcy law and also knows a lot about trusts - this is not an area for amateurs.

Answer Applies to: Virginia
Replied: 9/26/2011

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You can not seriously be thinking of going through a bankruptcy with out an attorney when you are the beneficiary of a living trust. You simply must spring for an attorney. One wrong move and you could lose the entire trust. Unless you enjoy poverty, get a good bankruptcy attorney, now. Good luck.

Answer Applies to: Ohio
Replied: 9/26/2011

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If it is your trust, you are the Trustor and the Trustee and you control the assets they are your assets even though they are titled in the trust. You will have to disclose them the same as if they were in your name or you list the Trust as an asset with the value of the assets listed as the value of the Trust.

Answer Applies to: Colorado
Replied: 9/26/2011

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Your interest has to be disclosed in a bankruptcy. You can go to jail for non-disclosure (for 5 years). Whether the money can be accessed depends on the trust language, and that is something your lawyer will know when he reads it. You absolutely need counsel.

Answer Applies to: Georgia
Replied: 9/26/2011

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Assets in a living trust are treated exactly as if they were not. You must list them on your asset schedules. Whether or not you retain them depends on what they are and also which chapter you file under.

Answer Applies to: California
Replied: 9/26/2011

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Assuming these were your assets to start, for the most part, assets in a standard revocable living trust are treated just like they were in your name alone. If you set up some type of irrevocable or asset protection planning trust, the question is too involved to answer here. Either way, you need to list whatever interest you have in any type of asset when you file for bankruptcy. Good luck!

Answer Applies to: California
Replied: 9/26/2011

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You have to report everything in your bankruptcy partition including any assets in a living trust. If the assets are exempt then you can use them, if they are not exempt then the Trustee will want them turned over.

Answer Applies to: California
Replied: 9/26/2011

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The answer to the first part of your question was my least favorite answer in law school: It depends. Whether you can access the funds in the Trust at all depends largely on the language of the Trust Documents. If the Trust documents allow you to get the funds, then you probably can get them during a bankruptcy case. If the Trust has spendthrift provisions, or otherwise vests the authority to distribute the funds in someone else, then you might not be able to get at the funds. As for the second part of your question YES, you must disclose the assets (even in trust) in your bankruptcy. If you are filing a Chapter 7 case, the Chapter 7 trustee will have the same rights as you would have to get at the property. So, while you *might* be able to get at the funds, the Bankruptcy Trustee also *might * be able to liquidate some or all of the funds, depending on your specific situation. In the case of a Chapter 13 case, the ability to get at some of the *res* of the trust, *may* affect the amount that you need to pay in your Chapter 13 plan (per the liquidation analysis), or if you derive a set amount of income from the Trust, you will have to include that income in your Chapter 13 Means Test and in your Schedules when determining the amount that you are required to pay into your Chapter 13 Plan.

Answer Applies to: Massachusetts
Replied: 9/26/2011

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All assets that you own must be disclosed in your bankruptcy. This would include assets that are in a living trust. Assets that are not exempt will be sold by the trustee.

Answer Applies to: California
Replied: 9/26/2011

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It depends on the asset, type of trust, and when it was created. Typically, it is best to leave the assets in the trust until the bankruptcy is completed. Otherwise, you risk losing the asset.

Answer Applies to: Colorado
Replied: 9/26/2011

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Assets in a living trust which you set up are property of the bankruptcy estate and the trustee has the right to those assets unless you can exempt them.

Answer Applies to: California
Replied: 9/26/2011

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They have to be reported in your BK. You cannot access them during your bank or before, but after your discharge is entered and if the trustee does not take them.

Answer Applies to: California
Replied: 9/26/2011

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Assets in a revocable living trust are your to do whatever you want. A revocable living trust can be revoked anytime by you. Therefore, the assets in that type of trust must be reported in the petition and exempted. If you cannot exempt the assets then the trustee can take the assets in the trust just like the trustee can take the money in your bank account and any other assets that you cannot exempt. If the trust is not revocable then it gets a lot more complicated and you need to consult with an attorney. Most trusts are revocable trusts used to avoid probate upon death or disability.

Answer Applies to: California
Replied: 9/26/2011

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All assets, including those in a living trust, are considered part of the bankruptcy estate. You need to make sure all of your assets are exempt before filing. The best way to do this is to consult an attorney.

Answer Applies to: California
Replied: 9/26/2011

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You need to discuss with attorney as a living trust may not be protecting your assets.

Answer Applies to: Florida
Replied: 9/26/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.