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Property transfer problem (fraud), worried

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  • Property transfer problem (fraud), worried

    Heres my situation ...would appreciate any sound advice or opininion. 12yrs ago I sold my interest in parents house ( left to me and 3 siblings) to my brother for 20,000.I held the mortgage deed and he was to pay me monthly until paid in full.After about 8 yrs he started to run into financial problems (divorce and child support).In order to keep from losing the house during his divorce and to pay off his creditors he took a loan out on the house in which I and the other siblings had to sign off with a waiver of priority.His loan was about 75,000 and value of home was about 95,000. Realizing I wasnt going to get the remainder ( about half)of my money from him I decided to take my name off the house and do a satisfaction of mortgage about 2 years ago. ......I'm wondering if this is going cause any problems (more worried than wondering).....never thought much about it til I started to look into bk recently.......I should add that the reason I didnt pursue the rest of the money (outside of the waiver) was the fact that he and his ex took wonderful care of my father during the last 5 years of his life....... sorry if I was longwinded ....appreciate an insight at all thank you

  • #2
    With what you have revealed, you will have no problem at all. You have gained nothing in your actions and lost equity. Also you did this two years ago. It isn't even listable on your forms at this time. It is a non issue. If you had transferred your own property to "hide" it, that is different, but even so after two years, that is a LOT of planning if you were considering doing wrong. You got no problem. '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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    • #3
      Thanks angelina....I guess what worries me is that I keep on hearing all different time periods...Lawfirm at my 1st consult requested documents pertaining to real estate I had an interest in past 4 years.I ve also read on hear that some people were asked if they had any realestate in last ten years at their 341.It seems like nothing is consistent....I do appreciate your reply..any comforting words are a welcome thank you

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      • #4
        Originally posted by AngelinaCatHub View Post
        With what you have revealed, you will have no problem at all. You have gained nothing in your actions and lost equity. Also you did this two years ago. It isn't even listable on your forms at this time. It is a non issue. If you had transferred your own property to "hide" it, that is different, but even so after two years, that is a LOT of planning if you were considering doing wrong. You got no problem. 'Hub
        we had a similar situation with no equity....the trustee wanted no part of it. also i was able to present the deed going back to show it was not an immediate quit claim deed...but the names were on the deed the entire time. that made sense and what usually makes sense in this case was also legal. and, i shouldn't have said no equity...we were actually at a loss.
        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

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        • #5
          Originally posted by howdy View Post
          Thanks angelina....I guess what worries me is that I keep on hearing all different time periods...Lawfirm at my 1st consult requested documents pertaining to real estate I had an interest in past 4 years.I ve also read on hear that some people were asked if they had any realestate in last ten years at their 341.It seems like nothing is consistent....I do appreciate your reply..any comforting words are a welcome thank you
          There are various time periods. You have state fraudulent transfer law period, preferential transfer period, etc. the 10 year period, at least in my mind, deals with transfers to trusts "or similar devices."

          one way to make it easy is to identify what you think might have been wrongful conduct/transfer and then go from there. i.e., if you gifted your interest in property and then file bankruptcy, it seems as though you could have engaged in a fraudulent transfer.

          note - your intent may very well be innocent enough. but if the effect of the gift was to render you unable to pay your debts as they come due, or if you made the gift at a point where you were insolvent, then a creditor/trustee could argue constructive intent.

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