Fraudulent Transfer of Assets
The “fraudulent transfer” of assets is considered to be a serious offense during bankruptcy or financial lawsuit proceedings. You may not even be aware that you broke any laws if you transferred assets while a lawsuit was pending against you. If you are aware of outstanding debts and you are worried that creditors may come after your possessions, your first instinct may be to shift your assets to a place that shields them from seizure.
Keep in mind, however, that both state and national statutory bodies have put many rules in place to deal with potentially illegal asset transfer. Thus, it is best to shift any property or assets with awareness of all applicable laws and regulations. It is recommended that you enact a plan to protect your assets with the assistance of sound legal counsel. Contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A., at 561-353-2800 to learn more about the options available to you.
How to Protect Your Assets
In order to not become the target of fraudulent asset transfer accusations, there are a number of actions you can take to protect yourself. Before transferring assets, you should:
- Make a “Statement of Solvency”
- Prove that you are able to make payments on all current debts
- Make sure there are no lawsuits pending against you
For your family’s financial and legal protection, it is important that you are careful in following all rules and regulations when transferring assets.
Contact Us
At the Law Office of Eric N. Klein & Associates, P.A., we understand the importance of shielding you and your family from the devastating loss of personal possessions during bankruptcy. Contact our West Palm Beach bankruptcy lawyers at 561-353-2800 to discuss your financial situation and possible courses of action you could take.
