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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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What is the time lapse required between the transfer of ones

Resolved Question:

What is the time lapse required between the transfer of one's share of a jointly owned family property to the co-owner to settle a sizable personal loan, and to satisfy a financial obligation to reimburse the co-owner for half of the property taxes, upkeep and major repair costs (a new roof, water proofing the basement) incurred over a 14 year period, all of which he has paid in full with the expectation of partial reimbursement, in order to render the property transfer irrevocable and beyond the reach of a subsequent judgement creditor of the transferor, even that of a Bankruptcy Trustee and other creditors in such a proceeding, should the transferor subsequently file Chapter 7 Bankruptcy?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am not your lawyer and do not represent you, I will endeavor to provide you with legal information through this open and nonconfidential forum.

You are referring to a voidable preference-- the period is one year. Let me explain.

A transfer of the debtor’s assets to a creditor that results in a creditor receiving more than the creditor would have in a Chapter 7 bankruptcy, is typically considered a “preference".

Bankruptcy Code §547 provides for the avoidance of preferential transfers within 90 days before the bankruptcy filing date for third parties. Transfers to insiders (including a business partner or family member) are subject to a longer avoidance reach back of one year.
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