What is meant by "property transfers"???

[pdxgrrrl]

Okay, I'm in total post-filing FREAK-OUT mode and am beginning to second-guess everything I've read, etc. My big question is this: what exactly is meant by "property transfers" on the Statement of Financial Affairs???

The reason why I ask is because over the year prior to filing, I frequently sold books to a used bookstore and used DVDs to a video store. The city I live in has one of the top used bookstores in the country and I'm a total bookworm, so I'd frequently take back my used books and exchange them for either store credit or cash. I never got much money from either selling/trading in either books or DVDs. I mostly did it so I could have new entertainment without forking over a bundle, and possibly have some cash left over for groceries or a bottle of wine or to pay my ridiculously high cell phone bill (which was included in the BK).

I'm assuming this type of transaction doesn't count as a transfer of property and that when the forms say "property," they're referring to things like cars, real estate, etc. Basically secured and/or high-dollar stuff, not a used DVD that's likely to fetch $5, if that. I've never owned any real estate and the one car I have is being surrendered in the BK. None of my papers list any of my book or DVD trade-ins (lawyer didn't even ask about stuff like that), and I'm assuming I'll be okay, but I just want to make sure. I don't want to file any amendments to my paperwork unless absolutely necessary partly because I don't want to draw attention to myself, but I also can't afford any new legal fees.

Sorry if this is a redundant question. I did a search both in the forums and through Google and I keep getting hits that scare me (i.e. fraudulent transfers, etc.)

Thanks in advance, especially for not yelling at me.

[kvangild]

Powell books by any chance? When I was out in Portland I use to go there all the time.

[music12]

hey pdxgrrrl. nobody will yell at you on this forum

selling used books to a used bookstore is not what is meant by property transfer. "transfer" generally means that you gave something of great value but got nothing in exchange, say if one of your books was an extremely valuable antique that was really worth $10,000 but you gave it to someone for free. that would be a transfer of property that could be avoided by the bk trustee, because that book was property that could be used to pay your creditors.

but since you gave those books and got in exchange their true value in money, it's not a transfer as far as the bk is concerned.

furthermore, even if you gave all your used books and got nothing in return, say if you gave it to charity or a family member, the value of these books would be nothing compared to what it would cost the trustee to set up a sale, so it really wouldn't matter.

when you see the word "fraudulent transfer," instead of freaking out, ask yourself the following question: did you have any property of value that you gave to someone or hid in some way with the specific intent of seeing to it that your creditors do not get paid?

i think your answer will be a resounding "no", and you can relax and sleep at night.

[if your answer is yes, you may be in some trouble if it's something the creditor can prove; but if it were, your lawyer would have made you aware of it by now]

good night!

[tinfoilhat]

Thanks in advance, especially for not yelling at me.

Unless all the books were Idiots guide to hiding assets before bankruptcy, Idiots guide to fraudlent transfers, etc I think you'll be ok.
Even it they were titled that, if they're low dollar books like said already, it's not worth listing or worrying about.


(Refering to the "Idiots guide to" books, not implying that you are one.)

[StartingOver08]

Unless all the books were Idiots guide to hiding assets before bankruptcy, Idiots guide to fraudlent transfers, etc I think you'll be ok.
Even it they were titled that, if they're low dollar books like said already, it's not worth listing or worrying about.


(Refering to the "Idiots guide to" books, not implying that you are one.)

Tinfoilhat, I see you are feeling a little more relaxed now! Great to see your sense of humor coming back!

As to the OP, don't worry, selling or trading books (unless they are the previously mentioned antique valuable kind) is not considered a property transfer.

BTW, we rarely yell on this forum...sometimes we get a little stressed during the process and it may show on some of the posts. So you can always ask without fear...and comment without fear. Now go have that glass of wine tonight and relax!

[AngelinaCatHub]

pdxgrrrl: It is good that you are taking this action seriously, but too seriously. The Trustees are looking at thousands in value that you would attempt to hide or shelter. Like giving your paid for car away rather than calling it an asset, then possibly reclaiming it later, or even selling stuff off with the idea of bk so as not to lose it in bk. You are talking about flea market type stuff, not at all worth worrying about.

As far as bringing attention to yourself, if you are this conscientious, I doubt you are doing anything that would bring notice of fraud to anyone.

Yes, we are all friendly here. You are not apt to get yelled at here. Any bad actor that would do that, would be promptly subject to correction by a Moderator. You will fly through this process with ease. Relax. 'Hub