Be Aware of Fraudulent Conveyance in Bankruptcy
Are you considering filing for bankruptcy? Are you concerned about losing your home or other real estate holdings in bankruptcy? Have you transferred a large number of funds or property in the past year?
Bankruptcy is often the best solution for individuals who are in need of a fresh financial start. However, there are several rules and regulations that must be followed when filing for bankruptcy. These rules include those relating to the fraudulent conveyance, or fraudulent transfer, of funds or real property.
At Park & Nguyen at Law, our bankruptcy attorneys have 20 years of experience working through these rules and regulations. Speak to us as you begin to think about your bankruptcy options so we can ensure you meet all requirements before you file.
Understanding Fraudulent Conveyances
In the past, many insolvent debtors abused their bankruptcy filing rights. The 2005 amendment to the Bankruptcy Code was created in part to stop such abuse from happening. While the bankruptcy process may be more burdensome now due to this amendment, it is still possible for most people to file for debt relief with the help of our Bronx Chapter 7 lawyer or Chapter 13 attorney.
In addition to the 2005 amendment, there are several fraudulent conveyance acts that state that you cannot transfer certain property or funds right before you file for bankruptcy. Conveyances that are seen as fraudulent include running up your credit cards, participating in wrongful trading or transferring real estate within one year of filing for bankruptcy.
Contact Park & Nguyen To Learn More About Fraudulent Transfers
When you meet with us, we will advise you as to a proper course of action. Our goal will always be to help you find the debt relief solution that meets your personal needs. We do not want to risk any chance of your bankruptcy motion being denied or enticing an adversarial act on the part of one of your creditors.