I have an irrevokable trust fund and I have over $20,000 in credit card debt. Is it possible for debt collectors, banks, or the credit card companies to find the money and then to get the money? I live in California but the trustee lives out of state.
Credit card debt and trust funds?
Yes. If they send you an information subpoena, you must answer it truthfully, or you can go to jail. Think about it, with the new bankruptcy laws, they will probe you all day for $20,000. These companies access your life history, and they will know all of your income sources other than cash transactions. Once they learn of the trust, they can attack it. Irrevocable is even better for them since it means it%26#039;s really your money. Only you can terminate the trust.
But until they find out or ask you in a written legal format (being under oath technically) or ask while you%26#039;re under oath, the trust remains discrete.
There are some trusts that can%26#039;t be attacked fully, and some in part. I don%26#039;t think those apply to you unless you%26#039;re mentally retarded, or run a charity, and things along those lines.
Credit card debt and trust funds?
wouldn%26#039;t you want to use the money to pay off your debt???
Credit card debt and trust funds?
creditinfocenter com
buddhibbs com
just don%26#039;t tell the whole world about your trust fund
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