{"id":172,"date":"2014-01-31T09:24:00","date_gmt":"2014-01-31T15:24:00","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=172"},"modified":"2014-04-02T11:59:54","modified_gmt":"2014-04-02T16:59:54","slug":"beware-fraudulent-transfers-bankruptcy-law-tips","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/beware-fraudulent-transfers-bankruptcy-law-tips\/","title":{"rendered":"Beware Fraudulent Transfers | Bankruptcy Law Tips"},"content":{"rendered":"<h2>Minnesota Bankruptcy Lawyers at Behm Law Group Ltd.<\/h2>\n<p>If you wish to keep your friends and family members in your good graces, don\u2019t attempt to transfer property to them if you anticipate filing for <strong>bankruptcy<\/strong> within the next two years and they don\u2019t pay you a reasonable market value for the property. Embarking on such a path may be considered fraudulent and could result in your friends or relatives being sued to give up that undervalued property. They\u2019d be out whatever money they paid you plus the property they thought was theirs.<\/p>\n<p>According to 11 U.S.C. Sec. 548, a <strong>bankruptcy trustee<\/strong> can sue individuals who purchased property, such as a vehicle, from the debtor who received substantially less than equivalent return value. Therefore, if a debtor sold a vehicle or similar property worth, say, $15,000, to a friend or family member, but only received $3,000 in compensation, and that transfer took place within two years before the debtor filed <strong>bankruptcy<\/strong>, the trustee could sue to reclaim that property in order to sell it for a more accurate market value. The trustee would then take that increased capital and distribute it evenly among the debtor\u2019s affected creditors.<\/p>\n<p>To avoid this potentially embarrassing fraudulent transfer situation, make sure you enter into financial agreements with friends or relatives by asking for a reasonable market value. This is especially important if you\u2019re selling property when you\u2019re under extreme financial duress that could lead to a <strong>bankruptcy filing<\/strong> in the near future.<\/p>\n<p>The Bankruptcy Code can be extremely difficult to understand, especially when delving into the more arcane language and clauses that are best left to <strong>bankruptcy law professionals<\/strong>. <a title=\"Behm Law Group Ltd. \" href=\"http:\/\/www.mankatobankruptcy.com\/\">Behm Law Group Ltd.<\/a> serves Mankato, MN, and surrounding communities, and our <strong>bankruptcy<\/strong> expertise is at your disposal to help you successfully emerge from the stressful experience of filing for <strong>bankruptcy<\/strong> protection.<\/p>\n<p>To better navigate this somewhat obscure <strong>bankruptcy<\/strong> side road, our professional team of bankruptcy attorneys at <strong>Behm Law Group Ltd<\/strong>. is available to assist and advise you. <a title=\"Contact Behm Law Group Ltd. \" href=\"http:\/\/www.mankatobankruptcy.com\/contact-us.php\">Contact Behm Law Group Ltd.<\/a> today and begin your personal journey out of debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minnesota Bankruptcy Lawyers at Behm Law Group Ltd. If you wish to keep your friends and family members in your good graces, don\u2019t attempt to transfer property to them if you anticipate filing for bankruptcy within the next two years and they don\u2019t pay you a reasonable market value for the property. Embarking on such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31,32,35,3,33,34],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beware Fraudulent Transfers | Bankruptcy Law Tips<\/title>\n<meta name=\"description\" content=\"Don&#039;t get caught in the middle of a fraudulent transfer! 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