Bankruptcy Lawyer Torrance

Stop everything and talk to an attorney. This is a terrible idea. It is much more difficult for bankruptcy attorneys to fix things after they have been done than to explain why they should not be done. A fraudulent transfer is when you give property away for nothing in return,to try to protect it from your creditors. These transfers can be reversed by a bankruptcy trustee, who would seek return from the recipient. So unless you are really mad at your Mom, do not get her involved in a big mess by giving her your property. Kansas debtors are able to keep a sustantial list of exempt assets when they file bankruptcy.

You cannot transfer property to someone to avoid it being attached, seized or liquidated by creditors when you are doing so in contemplation of bankruptcy. That is fraud and is punishable by severe fines and often time in a federal prison.

DO NOT transfer anything because you are going to file for bankruptcy. That is bankruptcy fraud, a bad thing.

Transferring assets on the eve of bankruptcy is illegal. The transfer will be set aside and the trustee will sell the asset for the creditors. Check with an attorney as to the exemptions you can claim as to the property. You might be able to keep the property in spite of bankruptcy.

No, a transfer of property of the Estate prior to bankruptcy is called a "fraudulent transfer." You can sell the property for fair market value to anyone (including family), but if it looks or smells like a deal too good, the trustee assigned to your case will investigate the transfer or sale and has the power to undo the transaction.

No that is not legal it would be considered bankruptcy fraud. Some transfers they look back just 90 days others up to 10 years.

Transferring property for less than market value is considered a "fraudulent conveyance." It must be disclosed and the bankruptcy trustee has the power to seize the transferred property. Not disclosing it is a federal crime.

If you transfer property to someone else without receiving full consideration (fair and full payment) prior to filing bankruptcy, it will be considered a fraudulent transfer. You must disclose the transfer in your bankruptcy schedules or you will be committing a federal crime of perjury. The property will be taken from who ever you gave it to and sold and the money distributed to your creditors. You might not receive a discharge of your debts on account of the fraud. My advice: Don't do it.

Transferring property in preparation of bankruptcy is one of the biggest mistakes a debtor can make. Property should never be transferred without the advice of a knowledgeable bankruptcy attorney. Proper pre-bankruptcy planning is vital before filing any bankruptcy case no matter how simple the case may be. Most bankruptcy attorneys offer a free consultation so there is no excuse for not speaking to one.

No it's called a fraudulent transfer and is prohibited one year prior to filing for bankruptcy. The power of the trustee to void a fraudulent transfer can extend this period to up to 4 years because of the Florida statutes.

This is a fraud and will easily be undone. There are better ways to protect assets with proper planning.

It can be very illegal. It can result in a whole bunch of consequences that range from both of you losing whatever you transferred all the way to not being granted a discharge and, depending upon the value of the transfer, a referral to the U.S. Attorney for bankruptcy fraud. There isn't anything that I qwn that is worth a chance for a 3 year all expense paid trip to the Federal Pen.; I doubt there is anything that you have that is worth a similiar vacation.

That is called a fraudulent conveyance if you give it away and there is equity. That will only create problems for you and for the person you transfer it to.

No that is fraud. You cannot give away property when you are contemplating bankruptcy. If you have property that you cannot exempt, the trustee is entitled to take it, sell it and pay your creditors something with the money.

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 may 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!

No you cannot transfer property prior to filing. The Court can look back five (5) years.

You should not give away any assets prior to filing bankruptcy. Transfers to other people, especially friends or family members, prior to filing bankruptcy are looked at as fraudulent. The Trustee or a creditor can demand the transferred items be returned in the bankruptcy estate. You are better off evaluating your assets to see if they qualify for exemptions. If exempt, you get to keep them. Wisconsin's exemptions are generous and typically allow you to keep a substantial amount of assets. You should consult with an attorney prior to filing to evaluate your assets.

This could be a really bad idea, depending upon the value of the property being transferred. Let's put it this way - if it is of any value at all, it's a really bad idea, as being right before the bankruptcy it will be construed as a fraudulent transfer. That could cause both you and the transferee a lot of problems. Moreover, depending on what the property is and what its value is, you might not need to transfer the property, as it might be exempt. This is a good illustration of why it's a really good idea to consult with a bankruptcy attorney. Would you do your own dentistry? Because you're essentially doing that, and it might not end up the way you'd like it to.

If you give away property, the bankruptcy trustee can get it back from who you gave it to, sell it and use the money to pay your creditors. If you could have exempted it if you had not given it away, you lose the right to exempt the property. If you give it away and do not disclose that to the trustee (and they have ways to find out) you have committee fraud and perjury, which means you lose the right to a discharge of any of your debts and can go to prison for up to five years and pay up to a $500,000 fine.

It is not illegal if you declare it in your bankruptcy petition but then the trustee can take the property back from the person to whom you transferred it without payment since that is considered a fraudulent tranfer to avoid losing it in bankruptcy or having it taken by the creditors. You cannot give away property if you are full of debts. You are supposed to sell the property and pay your debts. If you transfer property and do not report it in the bankruptcy petition then you will be committing bankruptcy fraud and perjury so you could end up in prison and have your discharge denied. Most likely you will be able to exempt (protect) all you have and are worried about nothing really important. You need to have a consultation with a bankruptcy attorney to see if you have too much property and what you can do about it if that is the case.

Whatever you do, do not transfer any property before you file bankruptcy. Any Pre Bankruptcy transfer may be considered fraudulent and you do not want to have to explain why you transferred property before filing. The property may be exempt. Make sure you talk to a bankruptcy attorney so they can go over your options.

Any transfers within two years can be undone by a trustee, unless the transfer was an arms length transaction and appropriate value was given for the property. Otherwise it is considered a fraudulent transfer without value.

No. Don't do it. This would be considered a fraudulent conveyance and the transfer can be undone by the bankruptcy trustee. You can also lose your bankruptcy discharge.

No. It is a crime and both you and the transferee can go to federal prison for 5 years and be fined $250,000. The fraudulent transfer will also result in the trustee suing the transferee for the asset and selling it to pay creditors, and then probably will cause your case to be dismissed. Here's a better plan: stop planning a crime and get a lawyer. Often a lawyer can figure out how to file in a way where you maximize what you can keep.

Is it OK for you to give away all the things you own that have value and then ask the court to relieve you from responsibility for your debts? Do you really have to ask this? If the future owner is not paying fair market value, you are committing fraud. This may simply result in the transfer being reversed and the property taken to pay your creditors, but in extreme situations you could go to prison.

What you are talking about doing is called bankruptcy fraud. It is a criminal offense. You can lose your discharge. They can prosecute you and put you in jail for this type of activity.

Yes it's illegal. It's called a fraudulent transfer. Talk to an attorney before you do anything. There are clients that transferred property which they could have otherwise kept in the bankruptcy hadn't they transferred it in the first place. This is the #1 thing bankruptcy trustees are looking for.

When the property is transferred within six months of filing the Bankruptcy court can void that transaction.

All property needs to be disclosed in a bankruptcy. Further, any property transfer needs to be disclosed in the bankruptcy and the trustee can undo the transfer if he/she deems appropriate. Keep in mind that the code does allow exemptions that allow you to retain certain items of property.

No, transfers of title within 2 years of a bankruptcy filing are subject to close scrutiny by the trustee. If deemed to be a fraudulent transfer, a trustee may go after the property.

No, that would be a fraudulent conveyance the transferee would be sued for the value of the conveyance and you could be sued for having conveyed it.

That is called Fraud and you should not do that.

Transferring property with equity value before filing bankruptcy in order to get it out of the reach of creditors could be illegal. Also you will need to report the transfer in the bankruptcy schedules.

No. You must not transfer any property out of your name prior to filing for bankruptcy.

This is called preferential transfer or bankruptcy fraud. If you transfer property as a gift in the two year time period before filing BK you are transferring assets that otherwise would go to your creditors. That is BK fraud. What are the consequences? 1) Your discharge of debts will be denied; 2) The property you transferred will be recovered by the Trustee for the benefit of creditors; 3) In a particularly egregious case you will go to jail. So Don't do it. That's the bad news. However the good news is that in a Ch 7 much of your property is exempt from recovery by the Trustee anyway. You don't specify what type of property you are talking about, but in CO you are allowed to keep $5000 worth of EQUITY (value - loan) of car, $10,000 if filing as a married couple and $60,000 of equity (value of house - mortgage debt) in house.

Sell for market value and have written documentation of the value before you sell.

This can be considered a fraudulent transfer and it is not advisable to do so.