California | Bankruptcy
10/04/09, 11:10 am
Legal Question
I loaned someone $30K. Standard fixed interest notorized promissory note. Person stopped paying in April, and is currently in default for 22K. He is planning to file bankruptcy. Does not own a home, has no income (turned out to be a deadbeat) HOWEVER he is the co-trustee and co-beneficiary of a Family Trust worth about $480K at this time. No spendthrift clause. The trust ripens upon the death of his now 94 year old mother who is in a nursing home. Can that trust be considered an asset, and can I collect upon the death of the mother? I just don't want to chase good money after bad if there is no chance for me to collect.
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