Will bankruptcy take my children away?

Asked By: Damien Sporer
Date created: Wed, Jun 9, 2021 8:48 PM
Best answers
Answered By: Jairo McClure
Date created: Thu, Jun 10, 2021 9:23 PM
The federal bankruptcy code excludes 529 plan funds from property of the bankruptcy estate. That means that the bankruptcy trustee and creditors cannot collect from this fund. However, there are limits to this protection, as follows: The beneficiary must be your child, stepchild, grandchild, or step-grandchild.
Answered By: Roscoe Schaden
Date created: Fri, Jun 11, 2021 7:53 AM
Therefore if the parents file for bankruptcy it is considered an asset of the parents. The funds that have been contributed to the 529 plan more than 2 years ago are protected from creditors in bankruptcy. If the funds were contributed between 1 to 2 years ago, the 529 plan is protected up to $5,000 per beneficiary.
Answered By: Laron Friesen
Date created: Sat, Jun 12, 2021 3:07 AM
At the Law Offices of Johnson, Sclafani & Moriarty, we understand that your children are your most precious assets. Reach out today, and we will do everything we can to keep them where they belong – in your family. Contact us today for a free initial consultation. 413-732-8356.
Answered By: Shayne Zboncak
Date created: Sat, Jun 12, 2021 10:43 PM
Take Bankruptcy Course 2 You will complete a credit counseling course before filing bankruptcy. There's a second course you must take after filing bankruptcy. It covers personal financial management and can help you take
Answered By: Greta Tremblay
Date created: Sun, Jun 13, 2021 4:07 AM
The trustee can’t usually sell the property without your agreement for a year from the date of the bankruptcy order if you have a partner or children living with you.
Answered By: Colleen Carter
Date created: Sun, Jun 13, 2021 5:01 PM
Child support and alimony obligations survive bankruptcy, so you'll continue to owe these debts in full, just as if you had never filed for bankruptcy. And if you use Chapter 13, you'll have to pay these debts in full through your plan.
Answered By: Mozell Klein
Date created: Sun, Jun 13, 2021 5:18 PM
When the parents pass away, the home passes to the surviving joint tenants – the children – automatically, without probate or the need for past debt to be paid, except for an outstanding mortgage.
Answered By: Bradley Harvey
Date created: Mon, Jun 14, 2021 4:01 AM
0 comments. Posted on Apr 6, 2017. There is no simple yes or no answer to your question and there are in fact multiple issues. There is the issue of your husband's rights if he asserts a claim to custody.
Answered By: Keanu Labadie
Date created: Mon, Jun 14, 2021 6:53 AM
When you file a bankruptcy case, an injunction (a type of court order) called the automatic stay goes into effect to stop creditors, including the IRS, from starting or continuing collection activity, like sending you letters, garnishing your wages or your bank account, or filing liens against your property.

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