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Yes, creditors can potentially go after a trust, but it depends on the type of trust and the circumstances surrounding it. In general, if the trust is revocable, creditors can reach the assets because the grantor still has control over them. However, in the case of irrevocable trusts, creditors may have a more challenging time accessing the trust's assets, as they are typically considered separate from the grantor's personal assets. Legal nuances and state laws play a significant role in determining the extent to which creditors can pursue trust assets.
What else can I help you with?
If you are the executor of an estate and owe money to a lien holder can they go ofter money in the estate?
No. A personal creditor of yours has no right to attach the estate for which you are the executor. However, if you are also a beneficiary of that estate the creditor can go after your portion of the distribution.
Is the trustee of an irrevocable trust personally liable for the debts of the trust?
No. A trustee is only liable in her capacity as a trustee and only the trust assets are exposed to its debts. Of course, that protection exists providing the trust is valid. If someone sets up a trust in order to incur debts they will not be personally responsible for paying, a creditor may be able to recover by a court action. Also, a trustee is personally liable for any mishandling of the funds of the trust.
Do you have to go to court for debt collection?
Yes, if a creditor takes legal action to collect a debt, you may have to go to court.
Can you ever go back to the original creditor if the debt has been charged off?
You can go back to the original creditor, but they may not offer you a line of credit. Usually they will not extend any more credit after it is charged off, but this is an individual company or individual decision.
Is a creditor an asset or liability?
creditor is a liabiliity
Can a trust with a taxpayer ID be levied by a judgment creditor?
Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.
Can a creditor claim assets held for a beneficiary in trust in case of bankruptcy of the beneficiary?
Not if the trust was properly drafted by a professional.
If a creditor wants to collect by taking my auto would co-registration on auto save collection?
a creditor cant take your auto, unless it the car lot you bought it from.this is an old trick used by creditor,for years.if your that worried about it put it in someone you trust name,
What happens when a creditor sends you a summond to go to court for a bad debt that was a bank loan. should i go to court or settle with the crediter?
better to settle with creditor first
How do you stop a creditor from calling your work?
pretend you're the supervisor and tell creditor that the he/she was let go/laid off weeks ago!
Can a creditor sue you if you are receiving workmans compensation disability?
Yes, if you owe money the creditor is entitled to go after you for it. A court will decide how much you have/can afford to pay each week. Or you can go bankrupt.
Can judgment be put against a beneficiary in a trust?
Typically, a beneficiary of a trust cannot be personally liable for the debts or judgments against the trust. However, if the beneficiary has received assets from the trust, those assets could be subject to creditor claims. It is important to consult with legal counsel to understand specific circumstances and protections.
If you're being sue by credit card companies is your special needs trust safe?
Yes, if (and that's a very important "if") the trust has been established in the correct way to enable it to be protected from creditor garnishment or seizure.
If a family has real estate property in a living trust will this property be protected from medical bills of one family member?
If the trust instrument was properly drafted then title to the property is in the trustee and should not be reachable by a creditor of one of the beneficiaries.
If you are the executor of an estate and owe money to a lien holder can they go ofter money in the estate?
No. A personal creditor of yours has no right to attach the estate for which you are the executor. However, if you are also a beneficiary of that estate the creditor can go after your portion of the distribution.
Can a creditor garnish wages in PA?
Wages can be garnished in the state of PA. The creditor needs to go to court, and get a judgment against you, and garnishment will begin in approximately one month.
Is the trustee of an irrevocable trust personally liable for the debts of the trust?
No. A trustee is only liable in her capacity as a trustee and only the trust assets are exposed to its debts. Of course, that protection exists providing the trust is valid. If someone sets up a trust in order to incur debts they will not be personally responsible for paying, a creditor may be able to recover by a court action. Also, a trustee is personally liable for any mishandling of the funds of the trust.
