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transfering funds to a different account

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  • transfering funds to a different account

    How long should I wait to file after tranfering funds from my account to a relatives. so that I don't have to legally report the transfer when I file????

  • #2
    Originally posted by isla1 View Post
    How long should I wait to file after tranfering funds from my account to a relatives. so that I don't have to legally report the transfer when I file????
    Sorry. We are not here to help you defraud the system. Please review the rules for posting on the various boards, located at the top of each one. The type of question you just asked is one of the things you agreed NOT to do when you agreed to the rules by creating your account, and is grounds for being banned, However you are getting a chance to make amends.

    The type of thing you are contemplating can be investigated YEARS after the event.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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    • #3
      Sorry!

      I didn't know I was breaking a rule! I will read the rules I promise!

      Comment


      • #4
        Review section 548 of the bankruptcy code.

        However, transferring funds with the express intent to hinder, delay or defraud your creditors (i.e. hide from the bankruptcy) is fraud. It really doesn't matter how long you wait.

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        • #5
          Originally posted by isla1 View Post
          I didn't know I was breaking a rule! I will read the rules I promise!
          Greetings 'isla', and welcome to the Forum:

          Angelinacat was not hitting your head against a wall, but warning you and others that what you propose is VERY illegal. Even if you 'get by' with it now, it will haunt you in your future and could even get you criminal time. You are starting a "new start" in life. The process is stressful enough. To inject a perpetual worry into your new life is not worth whatever proceeds you wish to protect. It will be tainted moneys and ruin your intent. 'Hub
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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          • #6
            Thanks

            I understand now what Angelina and the others are trying to tell me. And sorry that i even brought it up. Sounds like it's a question to ask an attorney!!

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            • #7
              Originally posted by isla1 View Post
              I understand now what Angelina and the others are trying to tell me. And sorry that i even brought it up. Sounds like it's a question to ask an attorney!!
              I still don't think you're quite getting it. If you are looking for legal ways to protect assets in bankruptcy, that is a perfectly legitimate thing to ask your attorney. If you ask them the question you asked here you'll get the same response that we gave you. Transferring assets with the intent to hide them from the court is fraud, pure and simple.

              I think you might get better assistance if you provide some more information about the asset and what state you are in. Depending on these factors you may have legal options available through your state or federal exemptions that will allow you to protect assets legally.
              Case Closed > 2/08/2010

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              • #8
                I paid my dad $3000 I borrowed from him almost a year ago and my attorney told me that he wanted me to wait until the whole year went by before I file my chapter 7. However, I did not know almost a year ago that I would be filing bk and I was just paying money back I borrowed.

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                • #9
                  Originally posted by nichole04 View Post
                  I paid my dad $3000 I borrowed from him almost a year ago and my attorney told me that he wanted me to wait until the whole year went by before I file my chapter 7. However, I did not know almost a year ago that I would be filing bk and I was just paying money back I borrowed.
                  That's not fraudulent, it a preferential payment. Big difference.
                  Case Closed > 2/08/2010

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                  • #10
                    Originally posted by BobMango View Post
                    I still don't think you're quite getting it.
                    Obviously not.

                    isla1 - you're talking fraud. No one here wants to share a jail cell with you.
                    All information contained in this post is for informational and amusement purposes only.
                    Bankruptcy is a process, not an event.......

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                    • #11
                      Got It!

                      Preferential payment! That's how it should have been presented to the forum! I'm in Mo and no I didn't know that BK might be an option in my future. Thinking it would be better to wait awhile, maybe a year.

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                      • #12
                        No Jail Cells!!!!

                        Jeez, the last thing I would want is to commit a crime and go to jail!!! This economy has taken alot from us little guys and I'm just trying to figure out how to legally get out of a financial mess and avoid living in a tent city.

                        Comment


                        • #13
                          The look back on preferences (to insiders, e.g. family members) is 1 year.

                          See section 547 of the BK code

                          However, as I said before, if you actually make the payment with the intent to hide it from BK, that is still fraud no matter how long you wait.

                          It's the date you pay your father back that is important, not when you borrowed.

                          Comment


                          • #14
                            Originally posted by isla1 View Post
                            Jeez, the last thing I would want is to commit a crime and go to jail!!! This economy has taken alot from us little guys and I'm just trying to figure out how to legally get out of a financial mess and avoid living in a tent city.
                            Transferring any money to any family member will cause you to have to wait a year to file or the trustee will simply go after the family member for the money.

                            The trustee's are trained to look very closely for transfers to friends and family members. I ended up an asset case due to two $500 checks that I wrote my mother to help her with her bills. I was also asked at my 341 about every deposit or check I wrote over $500 or so that went to a person (as opposed to a business, etc...)

                            You will not get out of your "mess" (your word) if you give your money to your family for safekeeping. The trustee will take it anyway, and you will have your case very closely examined.
                            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                            Comment


                            • #15
                              Isla1 and Nichole04, I'm confused.....

                              Either of you, or both of you, or whomever you both are, it is plain and simple. IF you have funds currently in a bank or other source as the first post mentioned, it MUST be declared. This thread is becoming a bit unclear and convoluted. If you wish to pay back a relative, wait to do so after your discharge. Something is not ringing right as I feel it. 'Hub
                              If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                              Comment

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