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Pre-petition transfer
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If there's a problem, it's for the trustee, not the debtor here. If he
transfers the property before filing bankruptcy and is completely upfront
about it, the trustee has no reason to interfere with his discharge. Since
the debtor doesnt want the property, he won't care what the trustee does
about chasing any potential fraudulent conveyance which doesn't exist
because there is no value.
Problems in fraudulent conveyances mainly arise when the debtor-transferor
resists unwinding the transaction.
John D. Faucher
Faucher & Associates
5743 Corsa Ave., Suite 116
Westlake Village, CA 91362
(818) 889-8080
Fax: (805) 367-4154
http://www.hurlbettfaucher.com/
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On 3/28/12 10:04 PM, "Sujin Kim" wrote:
>
>
>
>
>
> My client and his ex-spouse own a condo that they rent out. My client is
> contemplating a quit claim of his share of the condo to his ex-spouse. The
> property is significantly underwater, he doesn't want it, is concerned about
> the accompanying liabilities, and needs to cut this lingering connection with
> his ex for his sanity. Is there a problem with the transfer of this property
> before the filing?
>
> Thanks,
>
> Sujin Kim
>
>
>
>
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If there's a problem, it's for the trustee, not the debtor here. If he transfers the property before filing bankruptcy and is completely upfront about it, the trustee has no reason to interfere with his discharge. Since the debtor doesn’t want the property, he won't care what the trustee does about chasing any potential fraudulent conveyance – which doesn't exist because there is no value. Problems in fraudulent conveyances mainly arise when the debtor-transferor resists unwinding the transaction. John D. FaucherFaucher & Associates5743 Corsa Ave., Suite 116Westlake Village, CA 91362
The post was migrated from Yahoo.
Yes and no. Yes because ex. May be deemed an insider.
No, lack of equity. Easier and cleaner if debtor waits until case is closed then transfers.
Is four months going to kill him!
Jonathan Leventhal, Esq.
Leventhal Law Group, P.C.
818-347-5800
To: "cdcbaa@yahoogroups.com"
Sent: 03/28/2012 10:04 PM
Subject: [cdcbaa] Pre-petition transfer
My client and his ex-spouse own a condo that they rent out. My client is contemplating a quit claim of his share of the condo to his ex-spouse. The property is significantly underwater, he doesn't want it, is concerned about the accompanying liabilities, and needs to cut this lingering connection with his ex for his sanity. Is there a problem with the transfer of this property before the filing?
Thanks,
Sujin Kim
Yes and no. Yes because ex. May be deemed an insider.
No, lack of equity. Easier and cleaner if debtor waits until case is closed then transfers.
Is four months going to kill him!
Jonathan Leventhal, Esq.
Leventhal Law Group, P.C.
818-347-5800
To: "cdcbaa@yahoogroups.com" <cdcbaa@yahoogroups.com>
Sent: 03/28/2012 10:04 PM
Subject: [cdcbaa] Pre-petition transfer
My client and his ex-spouse own a condo that they rent out. My client is contemplating a quit claim of his share of the condo to his ex-spouse. The property is significantly underwater, he doesn't want it, is concerned about the accompanying liabilities,
and needs to cut this lingering connection with his ex for his sanity. Is there a problem with the transfer of this property before the filing?
Thanks,
Sujin Kim
The post was migrated from Yahoo.
I do not have my Civil Code with me, but I am inclined to believe that since no
"value" is being transferred, it would not be a fraudulent conveyance under the
UFCA.
Kenneth Jay Schwartz, Esq.
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, Suite 640
Woodland Hills, California 91364-2226
Telephone: (818) 226-1205
Facsimile : (818) 226-1213
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BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND
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THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Wed, March 28, 2012 10:04:18 PM
Subject: [cdcbaa] Pre-petition transfer
My client and his ex-spouse own a condo that they rent out. My client is
contemplating a quit claim of his share of the condo to his ex-spouse. Theproperty is significantly underwater, he doesn't want it, is concerned about the
accompanying liabilities, and needs to cut this lingering connection with his ex
for his sanity. Is there a problem with the transfer of this property before
the filing?
Thanks,
Sujin Kim
I do not have my Civil Code with me, but I am inclined to believe that since no "value" is being transferred, it would not be a fraudulent conveyance under the UFCA. Kenneth Jay Schwartz, Esq.LAW OFFICE OF KENNETH JAY SCHWARTZ21031 Ventura Boulevard, Suite 640Woodland Hills, California 91364-2226Telephone: (818) 226-1205Facsimile : (818) 226-1213THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED ABOVE. THIS MESSAGE MAY BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN AGENT RESPONSIBLE FOR DELIVERING IT TO THE DESIGNATED RECIPIENT, YOU ARE HEREBY
NOTIFIED THAT YOU HAVE RECEIVED THIS E-MAIL IN ERROR, AND THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR COPYING OF THIS MESSAGE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY. THANK YOU.From: Sujin Kim <hopelawgroup@yahoo.com>To: cdcbaa@yahoogroups.comSent: Wed, March 28, 2012 10:04:18 PMSubject: [cdcbaa] Pre-petition transfer
My client and his ex-spouse own a condo that they rent out. My client is contemplating a quit claim of his share of the condo to his ex-spouse. The property is significantly underwater, he doesn't want it, is concerned about the accompanying liabilities, and needs to cut this lingering connection with his ex for his sanity. Is there a problem with the transfer of this property before the filing? Thanks,Sujin Kim
The post was migrated from Yahoo.
My client and his ex-spouse own a condo that they rent out. My client is contemplating a quit claim of his share of the condo to his ex-spouse. The property is significantly underwater, he doesn't want it, is concerned about the accompanying liabilities, and needs to cut this lingering connection with his ex for his sanity. Is there a problem with the transfer of this property before the filing?
Thanks,
Sujin Kim
My client and his ex-spouse own a condo that they rent out. My client is contemplating a quit claim of his share of the condo to his ex-spouse. The property is significantly underwater, he doesn't want it, is concerned about the accompanying liabilities, and needs to cut this lingering connection with his ex for his sanity. Is there a problem with the transfer of this property before the filing? Thanks,Sujin Kim
The post was migrated from Yahoo.