The club has debts running to $19m (B20.5m) but bankruptcy proceedings were initiated by a former player, Edy Carazas, who was owed $15,000 (B16,203) for seven games.
The trust will run the club for the next nine years or recommend liquidation if Belgrano lacks the economic means to settle its debts.
Bankruptcy means that the club's gate receipts cannot be embargoed. Recently, creditor Fasino Italiano blocked the $270,000 (B291,671) received from the top of the table clash with Racing, another bankrupt club.
Belgrano's financial situation seems nor to effect matters on the field of play. They remain in the top three of the first division behind San Lorenzo and Racing.
