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Fraudulent Transfer

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Fraudulent Transfer

Fraudulent transfer in bankruptcy refers to transferring money or property to another person or company to reduce the amount that will be given to a creditor...

Fraudulent transfer in bankruptcy refers to transferring money or property to another person or company to reduce the amount that will be given to a creditor. This can occur when you sell property for less than it’s worth, transfer ownership of property to someone else while keeping it for your use, transferring assets to a friend or family member, or failing to disclose a transfer on your bankruptcy documents.  So, in essence you are trying to appear as though you own less, when in fact, you really don’t, in an attempt to fool your creditors.

About one in every ten bankruptcy cases involves some type of fraudulent transfer.  It is the job of the trustee to examine all transfers for the two years prior to your bankruptcy case. The trustee can undo such transfers and sell the property for distribution to the creditors. If it is found that you have committed fraud, your transfer can be voided and the money/property will need to be returned.

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