Trust Fund
I was told that you are allowed a certain amount of money in a trust fund to be used for future burial service's. Is this correct? If so how much are you allowed to keep in the trust fund if filing Chapter7? For example if you have $10,000 would they take say $9,000 and distribute it among the creditors and leave you with $1,000 ? Any help on this matter would be appreciated.
Answer:
The answer varies from state to state, and may depend on what other exemptions are available to you. I am in Nevada and as far as other exemptions, I'm not sure. Mt biggest asset would be my car that's valued at about $3,000. I also have furniture and things like that. Can you give me a ballpark figure? I don't practice in Nevada, and even if I did, I don't have the information I'd need to give you an informed answer. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do.
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