Is this fraudulent conveyance?

Asked over 2 years ago - Tarrytown, NY

I received money from the sale of my parent's house. I was living there for 2 and a half years continuously right up until the sale. I have a civil judgment (from a creditor) against me, for an amount which is exempt from collection because it is a homestead exemption. (I am in NY state, and it is exempt for 1 year or until I buy another property.) My question is, I would like to sign my check over to my spouse. Would this be considered fraudulent conveyance even though this money is exempt from collection?

Attorney answers (2)

  1. Jeffrey Bruce Gold

    Pro

    Contributor Level 19

    1

    Lawyer agrees

    1

    Answered . It doesn't sound as if you have filed bankruptcy, so what you are saying is that if you did file, these funds would be subject to a homestead exemption (which isn't really clear from the facts you provided.) If you have filed bankruptcy, you need to disclose the funds and assert the exemption. I think a fairly strong argument can be made that this is a fraudulent conveyance, but proving a fraudulent conveyance is a difficult thing to prove, and you may get away with it. I strongly suggest you meet with a debtor's rights attorney.

    If you'd like to discuss, please feel free to call. Jeff Gold Gold, Stewart & Benes, LLP 1854 Bellmore Ave... more
  2. John M. Crane

    Pro

    Contributor Level 9

    Answered . One, consult with an attorney and give rhem the whole story. Based on what you state here, signing over your check to your spouse may make these funds vulnerable,

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