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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111585
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I live in New Jersey. As a result of a failed real estate

Customer Question

I live in New Jersey. As a result of a failed real estate project I have an $8,000,000.00 judgement against me in California. When the bank moves the judgement to NJ how many years is the lookback ?
Submitted: 11 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
NJ has a look back for the Fraudulent Transfer Act of 4 years. CA look back for the FTA is 3 years. However, since they are coming to pursue you in NJ then the NJ courts would look at what you moved to avoid judgment in the last 4 years. I do not know if bankruptcy is the answer for you to resolve your issue, but legally you could extinguish the judgment against you by filing for bankruptcy if you qualify.
Customer: replied 11 months ago.
When triggers the Lookback timing? When the deal started or when the deal went down?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
The lookback is from when you knew or should have known you could be liable for damages, which is generally when you are notified of the suit.
Customer: replied 11 months ago.
If the deal started construction in November, 2007 , the bank started the suit in 2009, when does the clock start?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
If the deal went bad and suit was started in 2009, that is when the look back clock started.
Customer: replied 11 months ago.
are you saying that if the suit started in 2009, that the Lookback period would be from 2016 back to 2004 ?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
They would look to any transfer of assets from the time period when you should have known there was a suit so they could go back 4 years from 2009 for transfers to claim a transfer was under the fraudulent transfer act, so that could be back to 2005. They still have to prove the asset was transferred with the intent to avoid payment, it is not automatic.
Customer: replied 11 months ago.
One deal in question transferred on 12/2000. That shouldn't be an issue.
Two others were transferred in 2008 and 2009. Could they be in question?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
They could be an issue if the plaintiff can prove you made the transfers to avoid having to pay on this debt obligation.
Customer: replied 11 months ago.
How long will it take to move the judgement and is it automatic or does the bank have a judicial process they must take.
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
I am sorry, I do not understand your last reply, can you clarify it?
Customer: replied 11 months ago.
I understand that the judgement has to be moved to New Jersey. How long does this take?
Once it's moved to New Jersey is the anything they have to do before trying to collect?
Expert:  Law Educator, Esq. replied 11 months ago.

Thank you for clarification.

They have to file a petition to recognize foreign judgment in the NJ court, which takes about 60 days from time of filing, your answer and court hearing. The judgment has to be recognized by the NJ court to be enforceable in NJ.

Customer: replied 11 months ago.
Is there any suit they have to file to try to collect in New Jersey or is it automatic and they can just start liening bank accounts ?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
Please read my last reply above, it appears it crossed your last post and it answers this question.
Customer: replied 11 months ago.
Do they have to notice me that they are going to move the judgement?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
They have to serve you a copy of the petition to recognize foreign judgment and summons and you have a chance to submit an answer, which is why it can take about 60 days for the court to rule on it.

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