Central District Consumer Bankruptcy Attorney's Association

There are trusts.and there are trusts.
Business trusts = partnerships.
Grantor trusts = revocable and transparent to IRS, therefore not an entity
Special Needs Trusts and other Irrevocable Trusts.is the rule the same here?
Gerry
Gerald McNally
McNally & Associates, P.C.
517 East Wilson Ave., Ste 104
Glendale, CA 91206
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I agree with Gio.
Sincerely,
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Simon Resnik Hayes, LLP
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On Tue, Apr 21, 2015 at 4:14 PM, 'Vernon L. Ellicott, Esq.' vle@vlelaw.com
[cdcbaa] wrote:
>
>
> Thank you for the replies on this issue.
>
>
>
> Vernon L. Ellicott, Esq.
>
> Certified Family Law Specialist
>
> California State Bar Board of Legal Specialization
>
> Family Law, Bankruptcy, and Estate Planning
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> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Tuesday, April 21, 2015 3:45 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* RE: [cdcbaa] Can Trust File Ch 13?
>
>
>
>
>
> Im going to go out on a limb here and offer an opinion not researched
> even though I think Ive read some posts on this subject on this list
> serves before.
>
>
>
> Trusts are agreements between partiestrustor/trustee/beneficiaries. It
> is not a person or entity.
>
>
>
> Ergo, no bankruptcies for trusts of any Chapter.
>
>
>
> In fact, a long time ago when I looked at it they use trust to create
> Bankruptcy Remote Entities so that when deals are structured to rule out
> bankruptcy.
>
>
>
> Im sure there are exceptions, I just thought Id put my 2 cents in on
> this.
>
>
>
> Steven B. Lever
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, April 21, 2015 11:46 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Can Trust File Ch 13?
>
>
>
>
>
> Section 109(e) says only individuals may file Ch 13's. Can't find
> anything about whether a trust can file a Ch 13, or a BK at all, for that
> matter.
>
>
>
>
>
> Vernon L. Ellicott, Esq.
>
> Certified Family Law Specialist
>
> California State Bar Board of Legal Specialization
>
> Family Law, Bankruptcy, and Estate Planning
>
> Law Offices of Vernon L. Ellicott
>
> 325 E. Hillcrest Drive, Suite 150 23929 Valencia Blvd., Suite
> 411
>
> Thousand Oaks, CA 91360-7799 Valencia, CA 91355
>
> (805) 446-6262 (661) 222-2922
>
> (805) 446-6264 Fax
>
>
>
>
>
I agree with Gio.Sincerely,
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A business trust may be a debtor. A trust is expressly part of the
definition of an entity. This is heavily litigated but whenever the
question comes up I have to trace it through the statutory puzzle.
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
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A business trust may be a debtor. A trust is expressly part of the definition of an entity. This is heavily litigated but whenever the question comes up I have to trace it through the statutory puzzle.-- Giovanni Orantes, Esq.*Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 2920Los Angeles, CA 90010Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com
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I agree. The listserv has discussed this in the past and the result is
that a trust is NOT an entity, therefore cannot be a debtor.
Christine A. Kingston, Esq.
Law Office of Christine A. Kingston
5011 Argosy Avenue, Suite 3
Huntington Beach, CA 92649
Office: 714-533-9210
Fax: 714-489-8150
Email: attorneychristine@gmail.com
Blog: www.losangelesbankruptcylawmonitor.com

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