Posted On: May 3, 2010

Pre Bankruptcy Transfer For Exemption Planning

A word on Pre Bankruptcy Transfer For Exemption Planning from a Sacramento bankruptcy lawyer

The United States Bankruptcy Code allows you to keep property or assets such as a car, home, land and other assets by claiming them as "exempt" under Federal and State bankruptcy exemption laws. Your attorney attempts to apply exemptions to the fullest extent possible to protect all of your property. Planning is necessary to convert non exempt property into property that can be exempted.

When assets are converted to a form of property that can be exempted on the eve of bankruptcy its been held by courts that any inference of a fraudulent transfer is insufficient to establish a fraudulent transfer which makes it possible for a trustee to avoid the transfer and use the property to repay debts owed to creditors.

A trustee will have to show more than just the conversion of assets and the filing of bankruptcy. Of the badges of fraud that are most relevant to exemption planning are 1) the financial condition of the filer both before and after the transfer; 2) the existence or cumulative effect of a pattern or series of transactions or course of conduct after incurring debt, the onset of financial difficulties; 3) the pendency or threat of suits by creditors; 4) and/or a general chronology of events and transactions under inquiry.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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