Thoughts from a Maryland Bankruptcy Lawyer
This is part two of the fraudulent conveyance video series
Sometimes debtors are afraid to lose their property so they make transfers of assets shortly before they file for bankruptcy. These transfers are maybe to a friend, relative, spouse or a business. In any case if the transfers are made to keep the property out of the hands of creditors the trustee in bankruptcy can set these transfers aside and recover the property that was transferred.
This video is called The Long Lookback because trustees or judgment creditors have the right to set aside fraudulent transfers that are made in the last three years before the filing of bankruptcy. Even if the debtor does not go into bankruptcy a creditor may ask the court to set that transfer aside if made within the last three years.
These are thoughts from a Maryland Bankruptcy Lawyer
Ronald J. Drescher
Drescher & Associates, P.A
4 Reservoir Circle
Baltimore, MD 21208
Fax (410) 484-8120
Practicing in Maryland, Delaware, Virginia, Pennsylvania