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William Mackin's Answers

William Mackin
Woodbury Bankruptcy Attorney.
Contributor Level 7

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Attorney answers:

  1. William Mackin

NJ Statute of Limitations on old debt.

Asked by a user in Paulsboro, NJ - over 3 years ago.

There is not any limitations period for informal collection efforts, but there is a limitations period for bringing legal action to enforce an obligation claimed to be due. In NJ the limitations for the enforcement of obligations due under a contract is 6 years. If the collection agency were to file a lawsuit against you to seek to collect a contractual debt more than 6 years old, the NJ statute of limitations would provide you with a defense to that lawsuit. But you must file an answer to...

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Attorney answers:

  1. William Mackin

Property transfer and bankrupt law

Asked by a user in Westville, OK - almost 3 years ago.

As a general rule it is dangerous and inadvisable for a debtor to transfer any assets out of their name in anticipation of filing bankruptcy, especially if they are trying to hide assets from creditors or if they do not receive anything of in return for the transferred asset that is reasonably equivalent in value to the transferred asset. Such actions may lead to a denial of discharge, the loss of otherwise available exemptions, and criminal fines and penalties. All such transfers pre-...

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