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Property Transfer
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Dear Shannon,
Undoing the transfer undoes the wrong. Whenever I have a client who has
transferred an asset usually a house transferred to an adult child I
tell them to undo the transfer before filing, and give me documentary proof
of recordation of the reversal. I've had this happen in a surprisingly
large number of my cases, and I have never had a problem. Undoing the
transfer, makes it possible to exempt the asset. Not undoing the transfer
makes it impossible to exempt the asset.
Moreover, if the client doesn't undo the transfer, 727(a)(2) can be used
to deny discharge. See In re Adeeb, 787 F. 2d 1339 (9th Cir. 1986) for an
example of how undoing the transfers served as a defense to denial of
discharge.
Just make sure to disclose the transactions in the Statement of Financial
Affairs.
All the best,
Nick
Nicholas Gebelt
Nicholas Gebelt, Ph.D., J.D.
Attorney at Law
Certified Bankruptcy Law Specialist - State Bar of California Board of Legal
Specialization
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com
Web: www.goodbye2debt.com
Blog:
www.southerncaliforniabankruptcylawblog.com/
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