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Fraudulent Transfers & Bankruptcy Fraud Attorney

Constructive Fraudulent Transfer

Whether you realize it or not, under bankruptcy laws you may have “fraudulently” transferred an asset. This could happen if you sell an asset for less than its “reasonably equivalent value” and you do so within a certain period prior to filing for bankruptcy. In other words, you sell the asset for less than its actual market value or if you give it away. The look-back period in bankruptcy law is 2 two years; however, the look-back period under the Uniform Fraudulent Transfer Act (UFTA) is 4 four years, if it applies. See the following examples of constructive fraudulent transfers:

  • Selling your car to someone for $5,000 when its actual market value is $8,500.
  • Giving your daughter one of your vehicles and putting it in her name.
  • Transferring the deed to your house to an adult child to avoid probate. If this is done and bankruptcy is filed, it can be devastating to the debtors as they will not be able to exempt the home if there is any equity in it, as they would if it were still in their names and was their homestead. This can be remedied by transferring the deed back into their name prior to filing for bankruptcy.

In the examples above, the asset transferred can be recovered by the bankruptcy trustee, and considered a part of the bankruptcy estate to be used for the benefit of the creditors of the debtor to the amount that its value exceeds the allowed exemptions. Either the amount of equity in it will have to be paid to the trustee, or the house or other asset will have to be sold to pay the equity to the trustee for the benefit of the creditors.

Contact the law office of All Family Law Group (Lynette Silon-Laguna, P.A.) , today for a free initial consultation with an attorney to discuss all of your Tampa bankruptcy & fraudulent transfer questions.

Intentional Fraudulent Transfers

An intentional fraudulent transfer occurs when a debtor knowingly transfers property with the intent to defraud, hinder, or delay his or her creditors. In other words, the debtor deliberately transfers an asset to another’s name so that creditors or the bankruptcy trustee cannot recover it. Usually there is intent by the debtors to recover the asset when the creditor or bankruptcy trustee can no longer recover it.

Bankruptcy Fraud

Bankruptcy fraud is a crime. If there is intentional fraud, then you may be prosecuted for criminal acts typically including concealment of assets, intentional fraudulent transfers, or concealment or destruction of documents or fraudulent claims. False statements on your bankruptcy petition can constitute perjury. Whether you will be prosecuted depends on the egregiousness of the action.

Contact Our Tampa Bankruptcy Fraud Attorneys Today

If you have questions regarding divorce, family law or bankruptcy, as well as foreclosure solutions, contact the law firm of All Family Law Group (Lynette Silon-Laguna, P.A.) We provide a free initial consultation, accept MasterCard, Visa, Discover and American Express, and charge reasonable and competitive rates. Furthermore, to assist you we have a team of legal assistants and associate attorneys, including a Spanish-speaking associate attorney.

Our office is conveniently located in the Riverview/Brandon area on Highway 301 South directly off of Interstate 75, near the intersection of Bloomingdale Avenue. Contact our firm by e-mail or call 813-672-1900. We will respond immediately!

All Family Law Group, P.A.
The law firm of All Family Law Group (Lynette Silon-Laguna, P.A.) provides legal services to the cities of Tampa, Clearwater, Brandon, Riverview, Lakeland, Valrico, Gibsonton, Lithia, Mango, Palm River, Plant City, Seffner, Sun City Center, Apollo Beach, Ruskin, Temple Terrace, Carrollwood, Thonotosassa, Lutz, FishHawk, MacDill Air Force Base, and all of Hillsborough, Pinellas & Polk Counties.

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