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Old 05-02-2019, 08:04 AM
 
14,729 posts, read 6,114,421 times
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Quote:
Originally Posted by KaraG View Post
Sure, but the OP mentioned possibly being sued by someone, not a BK. I guess it would depend on what the case was about.

I was simply using an example that many can understand. And I never said that you can move or hide assets without consequences, just that the consequences will be addressed separately and will not be the basis for being ruled against in the original complaint.
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Old 05-03-2019, 07:53 PM
 
482 posts, read 729,751 times
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If a defendant decides to hide their assets by transferring assets to a relative to avoid a potential judgment against them, what is the time period during which a court would consider a fraudulent conveyance to have been made? Does it start when the defendant is sued? Or does it start when there is evidence of a possible dispute?
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Old 05-03-2019, 10:17 PM
 
10,861 posts, read 14,545,013 times
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Quote:
Originally Posted by mark85 View Post
If a defendant decides to hide their assets by transferring assets to a relative to avoid a potential judgment against them, what is the time period during which a court would consider a fraudulent conveyance to have been made? Does it start when the defendant is sued? Or does it start when there is evidence of a possible dispute?
Per UFTA:

A transfer is fraudulent
(whether the creditor's
claim arose before or after
the transfer was made) if
the debtor made the
transfer with actual intent
to hinder, delay, or
defraud any creditor.


So if you transferred assets for the purpose of avoiding it's use to pay a judgement that you suspect may happen in five years because your going to run up some major debit starting next year that you don't intend to repay, it's still considered a fraudulent conveyance. The court will decide the look back period for non bankruptcy cases. They may look back 10 years or 10 months.
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Old 05-04-2019, 06:15 AM
 
14,729 posts, read 6,114,421 times
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Intent can be a hard thing to determine much less prove. That's where good accountants and attorneys earn their money.
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Old 05-06-2019, 06:10 AM
 
12,066 posts, read 14,052,830 times
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Moving assets wouldn't let you avoid the judgement.......you will still get a judgement against you but it will make it harder for them to collect that judgement if you don't have any assets!

There was a guy in the town I grew up in that killed a kid on his property. Found innocent, kid's parents sued and won a 5mm judgment against the guy. He never paid one penny, just kept his assets out of his name.
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Old 05-07-2019, 05:15 PM
 
1,661 posts, read 797,770 times
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OJ Simpson
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