I thought financial payments were subject to a 1 year look back to insider creditors (family) but property transfers to creditors were only subject 120 day look back. I want to transfer the property for the debt in lieu of selling the non-exempt property for cash and then making finanicla payment to satisfy the loan.
As far proving the loan, I do not have a loan agreement per se but I can show the receipt of her check. Although I did have to get a gift letter to qualify for the loan. I have been making $500.00 monthly payments until I got into financial trouble.
Am I better off selling the non-exempt personal property and paying off two 401(k) loans? Would it then be protected under the pension exemption? could I be criticized for gaming or defrauding the system? Thanks for the clarification. I really appreciate it.
Thanks. Very nice responses. One last question and I will leave positive feedback and a tip. When you mentioned registering a firearm, were you referring to firearms like class 3 weapons (machine guns, silencers, etc.)?
There is no Federal registration requirement for most conventional sporting firearms. Only those firearms subject to the National Firearms Act (NFA) (e.g., machineguns, short-barrel firearms, silencers, destructive devices, any other weapons) must be registered with ATF.
I want to make sure that when I purchased a firearm through an FFL dealer and did a background check, the trustee would not be able to see this. Correct? I purchased a pistol and lost it when I was hunting. It was over 12 months ago. I wasn't sure if some creditor could pick up the purchase on my credit card bill and then have the trustee ask, where is this gun and why didn't you declare it on your personal property. Just curious...
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