|
|
Re: Please help!Fraudulent Transfer Confusion
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by J Kelly
(151.197.60.35) on February 04, 2004 at 20:44:37:
In Reply to: Please help!Fraudulent Transfer Confusion posted by Worried Sick Mom on February 04, 2004 at 20:27:20:
First of all, it is only fradulent (to my knowledge) if you file bk and try to hide assets. If you filed bk now, and they found that you transferred the money to your son, they would simply transfer it back into your name allowing creditors access to it. Under these circumstances, you bk would be dismissed.(you would not get a discharge of your debts)So, don't file bk anytime soon. I AM NOT A ATTORNEY, AND THIS IS JUST MY OPINION(what I would do if I were you. I think the repay of 20,000 to your son is fine. Take the rest of the money and put it into exemtp assets. Tell me what state you are in, and I will give you a link to your state exemptions (what they can't take) Then, ignore the CAs. Don't talk to them. DON'T APPLY FOR CREDIT. Hopefully, your credit report does not have updated info. (they don't know where you live now). Just keep a low profile. OP Out, using your old telephone number if you can. Surpirsed that having that amount of money in the bank hasn't alerted the CAs. Are they calling you at your new address?
You haven't done anything criminal, and neither has your son. Worse case scenerio is that your creditors get your money. If you are smart, you can prevent that. Did you buy a new house or are you renting now?
Follow Ups:
Post a Followup
|
