Our lawyer seemed to think it would be best if we transferred (to a
relative) or sold a car and a boat (because they wouldn't be exempt)
and then wait at least 90 days before we filed bankruptcy. Would this
be legal? Seems rather strange, but he's the guy in the know right?
On a related note, we sold another car to my brother about 6 months
ago, will that be ok? Lex
Brett Weiss
07-24-2003, 07:11 PM
90 days is a problem. If the vehicle is sold to an insider, such
as a family member, the look-back period is one year.
Additionally, there may be fraudulent conveyance issues.
I'd suggest speaking with another attorney. What is being
suggested could cause you a lot of trouble.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************
"Lexmark" <Lexmark@printer.com> wrote in message
news:k241ivoh178dlv22mrodfi0mso26l4kug3@4ax.com... Hi, Our lawyer seemed to think it would be best if we
transferred (to a relative) or sold a car and a boat (because they wouldn't be
exempt) and then wait at least 90 days before we filed bankruptcy.
Would this be legal? Seems rather strange, but he's the guy in the know
right? On a related note, we sold another car to my brother about 6
months ago, will that be ok? Lex
Lexmark
07-25-2003, 05:40 AM
On Thu, 24 Jul 2003 22:11:51 -0400, "Brett Weiss" <lawyer@erols.com>
wrote:
90 days is a problem. If the vehicle is sold to an insider, suchas a family member, the look-back period is one year.Additionally, there may be fraudulent conveyance issues.I'd suggest speaking with another attorney. What is beingsuggested could cause you a lot of trouble.
Thanks for replying.
Thats what I was afraid of, sounded to easy. This attorney seems to
not have a clue. I figured that out after I paid him. Can't afford
another attorney.
Is there a time period that wouldn't be a problem?
But if the vehicle(s) was/were actually sold for fair value to a
relative and I had the cash to prove it? or could show where the money
went?
Lex
Brett Weiss
07-25-2003, 06:24 AM
If the vehicle is sold for fair market value, there shouldn't be
a problem, either as far as fraudulent conveyances or the
bankruptcy are concerned. Of course, you then need to account for
the proceeds.
As far as the fee you've paid the attorney, depending on the
amount of work he's done thus far (if any), you may be able to
obtain a full or partial refund. You may want to ask if you feel
he/she isn't knowledgable.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************
"Lexmark" <Lexmark@printer.com> wrote in message
news:jp82ivsnopdhodmrjh2pdkrmb6imqdgm5c@4ax.com... On Thu, 24 Jul 2003 22:11:51 -0400, "Brett Weiss"
<lawyer@erols.com> wrote:90 days is a problem. If the vehicle is sold to an insider,
suchas a family member, the look-back period is one year.Additionally, there may be fraudulent conveyance issues.I'd suggest speaking with another attorney. What is beingsuggested could cause you a lot of trouble. Thanks for replying. Thats what I was afraid of, sounded to easy. This attorney
seems to not have a clue. I figured that out after I paid him. Can't
afford another attorney. Is there a time period that wouldn't be a problem? But if the vehicle(s) was/were actually sold for fair value to
a relative and I had the cash to prove it? or could show where
the money went? Lex
