Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
The Trustee in bankruptcy has the power to set aside certain transfers made prior to filing bankrupcy called "fraudulent conveyances".
A transfer of the debtor’s assets to a third party, with the intent to prevent creditors from reaching the assets to satisfy their claims, is called a “fraudulent conveyance”. Bankruptcy Code §548 provides for the avoidance of fraudulent transfers within two years before the bankruptcy filing date. Transfers to self settled trusts and similar devices are subject to a longer avoidance reach back (10 years).
Thank you, FLAandNYLAWYER
Counselor, I gifted my interest (Quit Claim) in my personal residence to my son in Septemebr 0f 2007 before I incurred any of the debt that I am looking to get discharged via Chapter 7. If I can, should I wait until after September 2009 to file? By stautue, wouldn't I be better protected?
I have one other question that I would appreciate an answer to. Absent fraud, are SBA Loans dischargable in bankruptcy? As you know, the SBA has "blanket collateral" protection language in all of their loan terms. Does this language hold up in Bankruptcy? Thnak you
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).