By definition, bankruptcy is a clearance of debts by someone facing financial hardships. People owed money by the individual filing bankruptcy do have rights to recover funds. Their rights to recover from trusts that the bankrupt individual holds have a number of issues that could be challenged in Florida proceedings.Trusts are created by an individual to hold assets to distribute to others in the future. A revocable trust can be ended and the assets reclaimed by the person creating the trust. An irrevocable trust cannot be ended by the actions of the person who created the trust. In revocable trusts, the creator of the trust controls the trust property until his death. Once the person dies, the trust assets are dispersed to the beneficiaries usually with the assistance of a trustee.