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How does being a trustee on a parent's irrevocable trust affect Chapter 7?
Wiki User
∙ 18y ago
It should have any impact unless you are a beneficiary of the trust.
Wiki User
∙ 18y ago
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If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
Can a trust's property be taken if one of the trustees has a judgment against him?
A judgment against the trustee in his individual capacity will not affect the trust property. A judgment against the trustee as the trustee will become a lien on the trust property.
Can a will be contested in the trustee is absent from the reading of the will?
Since there is no legal requirement to read the will, it won't affect the will.
If you filed for chapter 13 can you purchase a new car?
While in a Chapter 13 debt repayment, the person(s) involved must have the permission of the assigned trustee before making major financial transactions. Failure to do this can result in the dismissal of the filing and/or other penalties. Not quite true. You can purchase a new car by obtaining a specific car loan agreement which does not seriously affect your chapter 13 plan payments and filing it with the court with a motion to approve the loan. The chapter 13 trustee must also agree to the new car loan. The details vary somewhat from one bankruptcy district to another, so consult a local bankruptcy lawyer.
Who specializes in refinancing loans while in chapter 13?
Nobody. You can only get a loan in c. 13 if it is approved by the trustee and the court. You will have to show why it is needed and how it will affect your plan. You may have to amend your plan. You have to present the trustee and the court with the proposed loan documents, which can be from any lender. Needless to say, these will be secured loans for the most part and will often replace an existing secured loan, for a car usually. Nobody. You can only get a loan in c. 13 if it is approved by the trustee and the court. You will have to show why it is needed and how it will affect your plan. You may have to amend your plan. You have to present the trustee and the court with the proposed loan documents, which can be from any lender. Needless to say, these will be secured loans for the most part and will often replace an existing secured loan, for a car usually.
If you are currently in a Chapter 13 and received a year's severance from your company due to a downsize what happens to the money and the case?
Generally it would not affect the terms of the "13" if it has been approved and is already in force. The safest option would be to contact the bankruptcy trustee for specific advice on the matter.
Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?
Yes.
How did these gift affect the apostle?
If you are referring to an Apostle in the bible there are many gifts that affect them. The bible talks about how gifts and calling are irrevocable. The Apostles in the bible often utilize spiritual gifting like healing and prophecy.
Does chapter 11 affect your personal credit?
Yes.
I am my mother's legal trustee due to alzheimers I am filing BK will this affect my trustee status?
Question is unclear. Who are you filing bankruptcy for, her, or you? If for her, it should not affect you, personally or financially, in any way. If you are filing bankruptcy for yourself, your status as the trustee of, and your availability to, someone else's assets may come under close scrutiny by the bankruptcy court and your creditors. It they suspect, or can prove, any co-mingling of your assets with that of your mother's, REAL problems could ensue.
Explain the issues which affect and support teamwork with parents?
Explain the issues which affect and support team work with parents
Does chapter 7 affect 401k?
No...you must disclose it but it will be exempt.
