Bankruptcy Lawyer Torrance

No, the court will recover the assets, which you obviously did not need because you gave them away, and sell them to pay your creditors.

Your home is protected under homestead and an exempt asset from your bankruptcy assuming you live there full time and it is acre within a municipality or less than 160 acres outside of a municipality. If your car is free and clear, you will have to deal with the equity you have in it in your bankruptcy. If you transfer an asset, you have to wait at least 2 years after the date of the transfer and it cant be done with the intention to hide the asset from the bankruptcy. I would suggest that you speak with a bankruptcy attorney regarding your situation. You may not have to transfer the assets to get the result you want in your bankruptcy which sounds like keeping both of those assets. Most attorneys will offer a free initial consultation.

ABSOLUTELY NOT!!! You cannot transfer your assets to a family member or friend and then file for bankruptcy. Do not do this. If you do this you will definitely lose your assets. If you could do this and get away with it anyone, even the wealthiest people could file. Do your self a huge favor and see an attorney about this. Most people do not lose any property when they file for bankruptcy. A skilled bankruptcy attorney can analyze your situation and tell up front, before you file whether there is an asset issue.

No it's called a fraudulent transfer. Federal statute prohibits transfer of property to anyone with a close relationship one year prior to bankruptcy, and florida 4 years prior to filing for bakruptcy. Whoever you transfer the property to will have to surrender the property to the trustee. If it's your house, claim it as homestead and it will be protected. If it's your car, up to 1k of its value will be protected.

This is not advisable. Trying to hide assets on the eve of filing is considered bankruptcy fraud.

That is a big fat no. First of all, you have to list the transfers, so the trustee will know what you did. Second, the transfers are public record, so the trustee will know what you did. Third, it is bankruptcy fraud for which you could go to jail. Fourth, the trustee can undo those transfers and take the property if he or she wants to. Lastly have you checked to see if the trustee might want you have? Most property can be exempted (meaning you get to keep it anyways). So you could be fretting about nothing.

No, you cannot and should not transfer property to anyone prior to filing bankruptcy. It is bankruptcy fraud and you can be prosecuted and go to jail if the fraud is discovered.

You can transfer property as long as the transferee pays you the fair market value of what is being transferred.

No this type of behavior is STRICTLY PROHIBITED by the bankruptcy law. If you are entertaining this sort of behavior, BE FORWARNED that the bankruptcy court can punish debtors with criminal charges AND prevent them from EVER being able to discharge the debt they are presenting in their petition. You should consult with a bankruptcy attorney FIRST to determine what IS exempt and what is NONEXEMPT also, you may keep unexempt property in a Chapter 13 filing if you can meet certain requirements.

The type of transfer you are talking about prior to filing bankruptcy is considered a fraudulent transfer. You cannot get rid of your assets to avoid having them taken in bankruptcy. If you transfer the assets within one year of filing for bankruptcy your discharge may be denied if it is found that you did so to intentionally avoid having them included in the bankruptcy. Transfers after a year can still result in denial of your discharge, but the burden is higher. If you make such a transfer the assets can be demanded to be returned from the person to whom you transferred the assets by the trustee in your bankruptcy. Bankruptcy fraud can be prosecuted as a crime. You have options if you want to keep your assets, depending on their value and the amount of debt you have. In Wisconsin you are allowed a healthy number of exemptions, which means your assets are protected from creditors to the total amount of exemptions. You should consult with a bankruptcy attorney in your area to discuss your exempt assets and other options to get protection from your creditors while retaining your assets.

There are a number of problems with transferring property in this manner. First, if done in the one year before a chapter 7 filing, making such a transfer disqualifies the debtor from even receiving a bankruptcy discharge. In a bankruptcy context, the problem arises under several sections of the bankruptcy code: section 727, which forbids a chapter 7discharge for a debtor who has transferred property with the intent to hinder, delay or defraud a creditor in the one year before filing; section 548, which allows the trustee to recover transfers made for less than fair consideration in the two years before filing bankruptcy; and sections 1325(a)(3) and (4), which require that Chapter 13 plans be filed in good faith, and that chapter 13 plans pay creditors at least what they would have received in a hypothetical chapter 7 case. Thus, for a debtor who has made a suspect transfer of property, simply filing a chapter 7 will likely have the unpleasant result of the trustee obtaining the supposedly transferred property; the trustee will then sell the property to pay creditors; and the debtor has his or her discharge denied as well. A chapter 13 filing under such circumstances may well have similar consequences, including denial of confirmation of the plan and involuntary conversion to chapter 7.

No, this is called a fraudulent conveyance and the trustee will have the assets transferred back to you and then seize them to be liquidated to pay your unsecured creditors.

It is absolutely NOT legal to transfer your property prior to a bankruptcy. The bankruptcy code allows a bankruptcy trustee to look back two years at all transfers of property. The Massachusetts Uniform Fraudulent Transfers Act (it is called uniform because it has been enacted in most, if not all states) allows creditors (including the bankruptcy trustee) to look back FOUR years at all transfers. Any transfer that is made for less than a reasonably equivalent value can be reversed. The transfer is reversed by the Trustee (or a creditor) suing the person you transferred your property to in order to recover the transfer for the benefit of the bankruptcy estate. In the case where the property might have been exempt had you kept the property in your name, the property will lose its exemption after the transfer and the Trustee will happily liquidate the property in order to pay creditors (and him or herself). Worse still, transfers made within two years of bankruptcy can cause you to lose your discharge. Which means that you will have gone through the trouble of bankruptcy, had assets liquidated, and to the extent your creditors are not paid in full you will still owe the money! Prior to representing debtors in bankruptcy I made my living representing Chapter 7 trustees and a great deal of my time was spent recovering fraudulent transfers and objecting to the discharges of those debtors who transferred their property. Ive seen them all and I can assure you, whatever scheme you have in mind, the Trustees will uncover it and reverse it to your detriment. DO NOT DO IT.

This is absolutely considered fraud under the Bankruptcy code. The bankruptcy petition requires you to disclose information regarding transfers/sales of property within the last 2 years, including the name of the transferee and their relationship to you, the date of the transfer, and the value received. You are also required to verify the petition under oath; therefore, your failure to disclose them will constitute fraud under federal law.

This is the definition of bankruptcy fraud and would be a Federal Crime. If you were caught doing this you could be denied a discharge and prosecuted and sent to federal prison.

Do not transfer any property before you file bankruptcy. When you file, the Trustee will do an asset search and see that you have transferred property. If the Transfer was not for the full fair market value, the Trustee has the power to void the transfer and go after that asset. It is much better to list the asset and possibly be able to exempt it from your bankruptcy estate. Take to a Bankruptcy Attorney and he/she can tell you if the asset can be exempted.

This is not legal and you could end up in federal prison if caught. It is legal to sell a family member asset but you'd best be prepared to show proof of the transfer of funds and exchange of title. There are exemptions to prpotect honest debtors and you can learn more about these by consulting a knowledgeable local bankruptcy attorney. You must disclose ALL assets and liabilities.

Sure, but it's considered a fraudulent transfer and the trustee will take the asset from you or the family member. Thus, it is not a good idea especially since bankruptcy fraud is a felony. There is some planning that can be done and I would recommend that you hire a bankruptcy attorney. Otherwise, you will find bankruptcy to be a terrible experience.

No it is a fraudulent conveyance. They will not be protected. Your family member will be sued.

No. Transfers of property in contemplation of bankruptcy is a federal crime. DO NOT DO IT!! You may be able to protect the property legally, but you need to do it with the assistance of experienced bankruptcy counsel.

No. It is called fraud. If you did, the trustee can recover the property from whoever you gave it to and sell to pay your creditors.

What you are proposing is a felony. It is bankruptcy fraud. It will land you in federal prison for up to 5 years, get you a $250,000 fine, and will mean denial of your discharge. It also will get your family members sued (if not jailed) and the assets will be taken and sold. Instead of plotting your family's trail into jail, get a lawyer. It is likely that some assets you planned to lose with this criminal plan can be kept with a good lawyer.

What you are planning to do is the classic case of bankruptcy fraud. You can transfer the property but must declare the transfer and must receive the fair market value of the property and must explain to the trustee and the court what you did with the money. The money cannot simple disappear. If you have the right to buy it back the property then you must also declare that. If the court thinks you are doing something to avoid the law then your bankruptcy case could be dismissed. Alternatively, the trustee can just take the property back from the person to who you transferred it and sell it to pay your creditors. If you do not disclose what you did then you will be committing perjury and bankruptcy fraud, both of which are serious felonies and you could end up in prison and be fined a great deal of money in addition to have your discharge denied. I hope this scares you enough not to do what you are planning to do and encourages you to seek counsel from an experienced bankruptcy attorney before doing anything. You should do nothing at all until you speak with an attorney. Nothing you can possibly think you can do has not been done and the professionals that handle bankruptcy know all the things people think they can get away with and will know what you did even before you confess to it.

Property should not be transferred in anticipation of filing bankruptcy. The repercussion will be that the transfer will be voided by the trustee. The trustee will then own the assets and will sell them for the creditors. Consult an attorney to clarify this and don't transfer assets.

That is likely the single worst thing you could ever do prior to filing bankruptcy. Do not do it.

Transferring assets to a family member, friend or anyone else may be considered fraudulent and could result in the denial of a bankruptcy discharge. I suggest you speak to an attorney before transferring any assets around.

Unless you received fair market value for the items, it would be considered a fraudulent conveyance and the trustee would take it. If you did receive fair market value, the court will want to know what you did with the money. Your home is protected up to $60,000 ($90,000 if over 60 or disabled). Cars are protected up to $5000 in equity ($10,000 if over 60 or disabled). If these items are worth more than the exemption, consider Chapter 13 where they don't liquidate assets.

Generally speaking, the answer is No. Transfers to insiders (such as friends or family members, among others) executed within 1-year prior to filing a bankruptcy petition may be 'avoided' (undone) by a Bankruptcy Trustee as preferential transfers. 11 USC 547(b). Also, if you make a transfer of property for the purpose of hiding it from creditors, you could be liable for fraud (including potential criminal charges). There are many ways to legally protect assets through the bankruptcy process with proper asset exemption planning.

There is no reason to be concerned about your house or car as they are almost always protected in bankruptcy. The proposal that you outline is right on the line as far as bankruptcy fraud goes. I can't speak for you but there is nothing that I own that is worth spending 3 years in jail and a $30,000.00 fine to protect by hiding it or pulling any sort of financial hijinks. I would definitely not do what you have proposed.

Unless your family members pay you fair value for the property, what you are proposing is fraud and (at worst) you could go to prison. Admittedly, a more likely outcome is that the Trustee takes the property and sells it.

No. That's called bankruptcy fraud and is a federal felony.

That's what's known as Bankruptcy fraud. Not only could you end up NOT getting a discharge of your debts in your bankruptcy case, but the Trustee could also potentially undo the transfers and take the property to pay your creditors. And, you could bring down the wrath of the US Attorney and end up facing federal criminal charges. In other words, what you propose is a really really bad idea.

Selling assets to relatives for less than fair market value is considered fraud. Don't do it if you every want to be able to file a bankruptcy case. There is also no point in selling the assets for fair market value, because you would have to declare the cash. Many assets can be exempted and protected in bankruptcy. For instance, there are exemptions for both a home and a car. You should not assume that you will lose assets in bankruptcy until you have had a detailed consultation with a bankruptcy attorney. Also, even non-exempt assets can be retained in a chapter 13 bankruptcy case. The great majority of people do no lose anything or they lose very little in bankruptcy.

You do not want to transfer assets before filing for bankruptcy. The Trustee can undo fraudulent transfers that were conducted only to hide assets. You may want to consider a Chapter 13 bankruptcy if you have assets.

No. It is not lawful to do this, it is a felony. This type of transaction will be discovered and constitutes Bankruptcy Fraud. This is a felony and people get prosecuted for it. Usually, that means jail time.

Any transfers of any property made within the last 3 years is subject to scrutiny.

If you do that within one year before filing bankruptcy it is a preference, and the bankruptcy trustee can get it back from your friend. If you fail to disclose the transfers on your Petition you risk federal criminal prosecution and a denial of discharge.

It is fraudulent to transfer property to avoid inclusion in a bankruptcy. You have to report all property transferred within the last two years. The trustee most likely, will inquire further into property transfers.

This is a complex question. If you are asking if you can sell your assets at fair market value to a family member prior to bankruptcy, then the answer in most situations will be yes so long as the money you receive for those assets finds its way into the hands or the bankruptcy trustee. A transfer of an asset for less than fair market value is likely to be considered an attempt to defeat the bankruptcy laws and will likely be fraud.