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Roger
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Category: Bankruptcy Law
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if im concerned about assets due to possible future bankruptcy

Resolved Question:

if im concerned about assets due to possible future bankruptcy and i have a home valued at approx $ 200,000 and i gift to my daughter now and my creditors see this as a trick to hide assets can i then say well ok if its an asset i will claim it as my HOMESTEAD even though i titled it my daughters name ?




mmmmmmmmmmmmmmmm good question
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.

In bankruptcy, pursuant to 11 U.S.C. 548, a fraudulent transfer is any transfer of any asset--or any interest in any asset -- made within two (2) years prior to filing the bankruptcy case and in which either of the following are true:

A. The transfer was made with actual intent to hinder, delay, or defraud any entity to which the debtor was or later became indebted to; OR

B. the debtor received less than reasonably equivalent value for the exchange AND was insolvent on the date the transfer was made (or became insolvent as a result of the transfer).

Thus, it is not a good idea to transfer the property. You could be charged with fraud, which could result in criminal and civil penalties - - not to mention that your bankruptcy would likely be dismissed.

It would not be a simple exercise to say if the transfer was fraudulent that you can just undo the transfer, claim the property as homestead and continue with the bankruptcy petition. Instead, doing this would likely result in the bankruptcy being dismissed and possibly criminal and civil charges could be filed as a result.
Customer: replied 1 year ago.


im not involved now in any way in a bankruptcy..in the worse case..if a bankruptcy would occur in the future it would be no sooner than 8 months from now and hopefully not at all

Expert:  Roger replied 1 year ago.
Hopefully you can avoid having to file, but if you do have to file, you would need to transfer the property and then wait at least 2 years in order to avoid any potential fraudulent transfer claim.
Customer: replied 1 year ago.


what if at the same time of transfer i refered to the final end of child support appeal being finalized and a family trust and will all being done at the same time as the transfer for final family planning and a new wife as of 2008 etc

Expert:  Roger replied 1 year ago.
It doesn't matter in regard to a fraudulent transfer under the bankruptcy code. If you transfer property without receiving fair value (fair mkt value), the court is going to take issue with it and likely accuse you of making a fraudulent transfer.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27211
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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