This article is part of my bankruptcy alphabet series. Continuing with the Letter “I” in the Alphabet Series: You’re sitting around watching the Lakers get beat again or just enjoying a good book when the mail comes, and inside it is a lawsuit from a bankruptcy trustee of your nephew, who recently filed a bankruptcy…
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Category Archives: transfers
repaying relatives and friends before bankruptcy
One of the most common mistakes my clients make is repaying debts to friends and family before filing their bankruptcy case. In many cases this leads to extremely undesirable results. The basic law as stated in the bankruptcy code (and in many state laws as well) is that anything repaid to a relative or other…
Is it OK to put my property in another’s name?
I get asked a variation of this question at least once a week. Today’s consultation featured a mother who had quitclaimed half an interest in her home to each of her two sons about 2 years ago. She now needs to file a bankruptcy case. The sons are (rightfully) concerned. Why? Because they didn’t pay…