I am a new user. I've known for years that I should file for chapter 7, but only in the past week have decided that I simply can't put it off any longer. After researching my filing options, I think
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(1) There is a section in the bankruptcy petition (Statement of Financial Affairs) that asks if you are holding property for another, that is where you would list the trust. Nothing should happen to it, but the Bankruptcy Trustee will probably want to see the trust documentation.
(2) How do you categorize them for business purposes on your balance sheet?
(3) No, it won't matter for bankruptcy.
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