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Fraudulent Transfers and Bankruptcy
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Flashcards
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Transfers for Less than Reasonably Equivalent Value
Subject to avoidance actions, claw-back provisions may apply, and can affect the debtor's ability to confirm a plan in bankruptcy.
Transfer with Intent to Hinder, Delay, or Defraud Creditors
Potential avoidance by the trustee, lawsuit for recovery, and denial of discharge in bankruptcy.
Transfer of Exempt Assets before Bankruptcy
Might result in loss of exemptions, objections to discharge, or conversion from Chapter 7 to Chapter 13.
Transferring Assets After Receiving a Creditor's Demand
Presumption of fraudulent intent, potential lawsuit for recovery, and negative impact on credibility with the court.
Concealment of Assets During Bankruptcy Proceedings
Can lead to criminal charges, revocation of discharge, or conversion/dismissal of bankruptcy case.
Using Credit Cards with No Intent to Repay
Credit card debt may be non-dischargeable if proven to be fraudulent, legal judgments against the debtor, and accrual of penalties.
Failure to Disclose Transfers on Bankruptcy Schedules
Subject to penalties for bankruptcy fraud, potential objections to discharge, or case dismissal.
Paying off Insiders before Filing for Bankruptcy
Preference actions may be brought against the insiders, claw-back to estate, and potential disqualification of related claims.
Transferring Property to a Self-Settled Trust
Potential unwinding of the trust, fraudulent transfer claims by the trustee, and possible denial of discharge.
Incurring Debt without Intent to Pay
Debts incurred fraudulently may not be dischargeable, possible objections to discharge, and legal action from creditors.
Granting a Security Interest without Receiving New Value
Avoidance of security interest as a preferential transfer, reclassification of debt, and trustee's power to recover property for estate.
Collusive Bidding at Asset Sales Pre-Bankruptcy
Sales may be set aside, involved parties may be sanctioned, and subject to avoidance as a fraudulent transfer.
Making Multiple Transfers to Different Entities to Obscure Ownership
Unwinding of transactions, legal complexity in recovery actions, and significant investigation to trace assets.
Forging Another Person’s Signature to Transfer Assets
Criminal prosecution for forgery, avoidance of transfer by the trustee, and potential objections to discharge.
Overstating Debts to Insiders Prior to Bankruptcy Filing
Objections to claim amounts, disallowance of overstated claims, and potential recovery of property distributed based on such claims.
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