Not long ago, I set up an asset protection
trust in Nevada, and I transferred some pretty valuable assets into that asset protection
trust. Can I just go ahead and file bankruptcy now? My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights in Maryland, Delaware, Pennsylvania and Virginia, and I would say do not file
bankruptcy now, because under the bankruptcy code, the Chapter 7 trustee can look back
10 years and see if you deposited assets in what’s called a self-settled trust, and basically,
that’s an asset protection trust, where you take an asset and you put it into this trust,
and you remain a beneficiary of the trust, and you did it really because you wanted to
keep those assets out of the hands of your creditors. That’s no good. You’re going to have to wait 10 years from
the day you transferred those assets until you can file bankruptcy, so if that’s what
you’re plan is, be very careful and be aware of that 10‑year period. My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights in Maryland, Delaware, Pennsylvania and Virginia, and if you’re considering setting
up an asset protection trust as part of a bankruptcy strategy, please pick up the phone
and call me. I would love to hear from you.