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Lookback period for car and bank transfers?

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  • Lookback period for car and bank transfers?

    I am preparing to file BK7 in a few months, but through researching this site it looks like I may have some potential problems that may be beneficial for me to continue to wait. Nine months ago I sold a very low milage (but needed TON's of repairs) 10 year old vehicle to a family member for him to fix up at significantly below NADA price. Also, 18 months ago I closed some very large brokerage accounts to pay back some other family members, the funds were wired to my bank and then wired to them. Will they dig this information up during the BK proceedings? Do they have access to old bank and brokerage accounts? If so, how far will they research?

    Learning as I go...
    BK7 - Discharged May 2011

  • #2
    The transfer will be a problem. I am dealing with this right now. We transferred a car in our name to our inlaws last year, after they paid it for 4 years. We had lost a job and needed to sell the car and to get around tax title and license and transferring thelaon, we just allowed the money to be removed from their acount at the same CU where we had the loan. The transfer was done on October 2 2009 an we are filing October 4th. It would help you to wait if you can so that you can "NO" to that question of transferring within a year, maybe 2 in your state.

    It looks like the statute of limitations in Illinois depends on the circumstances but can be four years. I could be reading this the wrong way. It reads like it depends on if you were insolvent at the time of the transfer.

    I would talk to a lawyer that offers free consukts in your state and ask them this. Hope everything works out.
    Filed Chapter 7 October 5, 2010 -341 held Nov. 8, 2010- Report of No Distribution Nov. 12th, 2010- Discharged 1-10-2011 Closed 1-28-2011

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    • #3
      I do have receipts for what it cost him to repair the car, which actually do come very close to NADA price. Or does this not matter?
      BK7 - Discharged May 2011

      Comment


      • #4
        Do all in your power not to involve others in your bk.
        I'd for sure wait a year for the auto transfer to age and then, wait 2 years after the large transactions from your brokerage account.

        http://doney.net/bkcode/11usc0548.htm

        . Fraudulent transfers and obligations

        (a)

        (1) The trustee may avoid any transfer (including any transfer to or for the benefit of an insider under an employment contract) of an interest of the debtor in property, or any obligation (including any obligation to or for the benefit of an insider under an employment contract) incurred by the debtor, that was made or incurred on or within 2 years before the date of the filing of the petition, if the debtor voluntarily or involuntarily--

        (A) made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or

        (B)

        (i) received less than a reasonably equivalent value in exchange for such transfer or obligation; and

        (ii)

        (I) was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation;

        (II) was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with the debtor was an unreasonably small capital;

        (III) intended to incur, or believed that the debtor would incur, debts that would be beyond the debtor's ability to pay as such debts matured ; or

        (IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business.

        Given some of your other posts, you don't seem to have a routine run of the mill bk. You really need to get yourself to a lawyer and layout the timelines.
        I guess a lot will depend on how large these transactions were and did it leave you insolvent.

        Comment


        • #5
          I am preparing to file BK7 in a few months, but through researching this site it looks like I may have some potential problems that may be beneficial for me to continue to wait. Nine months ago I sold a very low milage (but needed TON's of repairs) 10 year old vehicle to a family member for him to fix up at significantly below NADA price. Also, 18 months ago I closed some very large brokerage accounts to pay back some other family members, the funds were wired to my bank and then wired to them. Will they dig this information up during the BK proceedings? Do they have access to old bank and brokerage accounts? If so, how far will they research?

          tyson is correct....talk to your atty about this.

          each state varies.....in the state we filed it was the 2 year asking time period...however, that does not exclude a trustee for asking for more information.

          we had a deed transfer just 7 months prior to filing...however, i had all the documentation indicting that while the property was indeed transferred, that person had their name on the deed for over 20 years.

          we had no equity in our share...but the trustee still had questions...but not for long when i was able to produce all the docs to back up our position...in other words it was a quick transfer just to simply get it out of our names...this was a legitimate transfer.

          secondly.....brokerage account.....i would wait...they will ask you where every dime went. depending on when you cashed in, for example if you are presently unemployed you can just say it was spent on living expenses and of course you don't have receipts because you had no idea you would not find a job and never keep any back up to support where the money went...you just lived off it.

          it can only be that simple IF you put enough time between when you cashed out and filed your bk....i would put as much distance as possible between that date and your file date.

          just to let you know...we waited almost 3 years...just to be able to answer "no" to many of the questions on our districts petition.

          best of luck and let us know how you make out!
          Last edited by tobee43; 10-02-2010, 08:13 AM. Reason: typo's r me
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

          Comment


          • #6
            WOW, this site is wonderful. Thank you so for the information!
            Looks like I will HAVE to wait until at least May of next year because that is when the last transfer was made from the brokerage accts to a now dormant checking account that was seized due to a judgement. And yes, they were rather large transfers, over $30K. I was unemployed, lived off some of it, lost the rest through another horrible stock play (story of my BK).
            I am curious how the can dig up my accounts from two years ago, do I have to disclose this?
            I am in IL, so I think the lookback to family is two years.
            BK7 - Discharged May 2011

            Comment


            • #7
              There access you speak of is the bankruptcy forms themselves, you must divulge everything, They ask about any!! transfers made within a 2 year period and maybe even 4 years, failure to disclose this info, Well lets just say you don't want to go there, Here are some examples

              http://www.irs.gov/compliance/enforc...174629,00.html
              http://www.irs.gov/compliance/enforc...213766,00.html

              Comment


              • #8
                Originally posted by Epic View Post
                WOW, this site is wonderful. Thank you so for the information!
                Looks like I will HAVE to wait until at least May of next year because that is when the last transfer was made from the brokerage accts to a now dormant checking account that was seized due to a judgement. And yes, they were rather large transfers, over $30K. I was unemployed, lived off some of it, lost the rest through another horrible stock play (story of my BK).
                I am curious how the can dig up my accounts from two years ago, do I have to disclose this?
                I am in IL, so I think the lookback to family is two years.
                well...as i stated it wasn't easy...but we held them all off...and any judgment can be removed providing you listed it, and it was discharge as an unserured debt.

                you will have to wait un the discharge and then file a motion to have each judgment removed. it will most likely cost more legal fees but well worth it.
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment

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