Bankruptcy Law-Transfering Property Prior to Bankruptcy in Oklahoma

Tulsa Bankrupty Lawyer selling assets before bankruptcyTRANSFER OF ASSETS PRIOR TO BANKRUPTCY

When transferring certain assets prior to bankruptcy filing,
one must be extremely careful as certain transfers may be considered fraudulent
and the transfer can be voided by the bankruptcy court.

Determination of fraudulent transfer depends on the Debtor’s
actual intent to hinder, delay or defraud any creditor and the Bankruptcy court
is able to look back at transferred that occurred as long as even 10 years ago!

When determining actual intent the court will look at
certain factors such as:

a) Was it a transfer to an insider?

b) Did the debtor retain possession or control of the
property transferred after the transfer;

c) Did the debtor disclose or concealed the assets;

d) Was the debtor sued or threatened with a law suit prior
to the transfer;

e) Was the transfer all of the debtor’s substantial assets;

f) Absconded (Hide from creditors?)

g) Did the debtor remove or conceal the assets?

h) Did the debtor receive a reasonable consideration for the
value of the asset transferred?

i) Was the debtor insolvent or became insolvent shortly
after a substantial debt was incurred; and

j) Did the debtor transfer assets of a business to a lienor,
who in turn transferred the assets to an insider of the debtor?

NOTE: The above elements may or
may not be applicable based on whether your state adopted the Uniformed
Fraudulent Transfer Act

Make sure to consult your
Tulsa Oklahoma Bankruptcy Attorney on any of these issues.

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