What Your Chicago Bankruptcy Attorney needs to Tell You about Property Transfers before You File Bankruptcy.

Posted September 8th, 2011 in Blog and tagged , , , , , , by admin

There are many things that your Chicago Bankruptcy Attorney needs to take into account when you begin working of filing Bankruptcy .  A big part of your attorney’s analysis will deal with transfers of property that you have made during the last 4 years in particular.  These transfers can have a dramatic effect on your Bankruptcy filing and you should make sure that you discuss them with your Chicago Bankruptcy Attorney so you know what to expect once the case is filed.

There is One Big Reason to Discuss Transfers with Your Chicago Bankruptcy Attorney.

Your Chicago Bankruptcy Attorney is working for your best interests.  If you fail to disclose a transfer to him or her, they will be working blindfolded.  The reason property transfers are important is that your Chicago Bankruptcy Trustee may be able to undo the transaction.  Or, you could be forced into a Chicago Chapter 13 Bankruptcy to protect the transaction.  The majority of the analysis regarding these issues deals with the compensation that you received from the transfers, and your Attorney should be able help you figure out what to expect once you file Bankruptcy.

My Chicago Bankruptcy Attorney has Asked about Transfers over the Last Four Years, but the Forms Only Require Me to Disclose the Last Two Years.

This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.

How a Chicago Bankruptcy Attorney can help if You have Transferred Something in the Last Four Years.

Your Chicago Bankruptcy Attorney should first help you determine if the transfer is a problem for your case or for the person who received the property.  Next, your Chicago Bankruptcy Attorney should discuss the ramifications of filing your case considering the transfer occurred.  Most often the transfer is innocent and for fair-market value.  However, if a family member is involved, you should be cautious, and prepared to defend the transfer to the Trustee or Court if necessary.

A Chicago Bankruptcy Attorney can help you avoid a lot of stress by properly preparing you to handle the rigors of filing Bankruptcy.  It is not a matter to be taken lightly, and one mistake can doom your case or others that you love.  Make sure to seek out a Chicago Bankruptcy Attorney who will take the time to make sure that your case is prepared properly, and with the consideration necessary to see to it that you are protected.

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7 Responses so far.

  1. says:

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  2. says:

    [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]

  3. says:

    [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]

  4. says:

    [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]

  5. [...] [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]Source: lindsey-law.com [...]

  6. says:

    [...] [...] [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]Source: lindsey-law.com [...]Source: lindsey-law.com [...]

  7. says:

    [...] [...] [...] [...] This is true, but your Chicago Bankruptcy Attorney should be able to explain the reason that he or she wants to consider the last four years.  The short answer says that although the Bankruptcy Forms only require disclosure of the last two years, your Trustee will likely attempt to look at the last four years for transactions to undo.  The long answer deals with the specifics of the Bankruptcy Code itself.  It authorizes the Trustee to undo transactions that go back four years.  You, therefore, are scrutinized for transactions over the last four years, but you are in compliance with the disclosure requirements of the Bankruptcy Code if you only disclose transactions during the last two years.Source: lindsey-law.com [...]Source: lindsey-law.com [...]Source: lindsey-law.com [...]Source: lindsey-law.com [...]