Transferring Property Prior To Bankruptcy in Oklahoma can be a problem. Anything you sell just ahead of filing will be looked at by the Trustee in your case. Certain transfers to certain party’s will bee seen as fraudulent on there face. If the Court finds the transfer to be fraudulent the court can void the transfer. If the court does this it can claw back the asset from who it was transferred to.
Factors Considered Fraudulent Transfers
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,
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
Bankruptcy Attorneys Near You
Transferring Property Prior To Bankruptcy in Oklahoma can end up causing you more problems than its worth. Its understandable that filing bankruptcy is stressful. Its understandable that sometimes the stress causes people to do the wrong thing. Do the right thing and get a free consultation with a bankruptcy attorney near you.