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Re: Please help!Fraudulent Transfer Confusion


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Posted by Worried Sick Mom (69.162.235.158) on February 05, 2004 at 18:17:04:

In Reply to: Please help!Fraudulent Transfer Confusion posted by Worried Sick Mom on February 04, 2004 at 20:27:20:

Thank you all for your replies to my long confusing post. Most of you brought up the SoL
regarding my debt. The debt was run up over several years, 1995-2002, and I stopped paying all credit cards in 2002 so the SOL does not apply on any of my C.C. debt. When I stopped paying in 2002 there were 2 large c.c. debt accounts (what Im most worried about) 1 around 11,500 that is now 13000. 1 around 14000 that is now around 16000. 3 that were around 3000 each now probably 4000 each. About 5 more that were around 1500 each now probably about 2000 each. In other words a lot of debt. I have not filed bankruptcy. I am most concerned about having given my son money in late 2003 after selling my house while I was still in large debt. I have read that if you transfer money (especially to a relative) while you are in debt that this will be considered a fraudulent transfer and the money will be returned to the debtor to satisfy creditor claims whether they have declared bankruptcy or not. I read that a creditor has the right to allege a fraudulent transfer if bankruptcy has not been declared but if bankruptcy has been declared that responsibility is passed to the bankruptcy court.
I mostly need reassurance that my child will not be harmed. Could creditors later come after him if they say that the money I gave him was a fraudulent transfer? Is the worst they can do to him take the money I gave him? What if he has already spent most all of it by then? Is it more likely for the 2 larger credit card companies to sue me than all of the smaller ones? If I run from all of this (avoid creditors and dont show up if they sue) will they go after my son? I do not want his reputation harmed in any way by all of this. Am I being paranoid by thinking that this could get that far? Thanks for all your replies I appreciate them.



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