《楊清泉律師專欄》TRANSFER OF $30,000 TO SON FOR COLLEGE BEFORE...(PART II)
楊清泉律師事務所
《楊清泉律師專欄》TRANSFER OF $30,000 TO SON FOR COLLEGE BEFORE BK FILING FRAUDULENT(PART I)
If son does not turn over the $30,000 to trustee immediately, trustee will file an adversarial complaint against son to recover the money pursuant to Section 548. Will son have any defenses against the complaint? Theoretically, if son had given debtor an exchange of value for the money, this would be a good defense. For example, if son gave debtor a 2009 Lexus 350-R without liens to father for the $30,000, trustee would not be able to prove circumstances required by 548 (B)(i) causing the complaint to fail. However, debtor testified that son did not do anything for debtor to entitle him to get paid $30,000 by debtor. This is strong evidence that there was no exchange of value for the money.
Even transfers made pursuant to a divorce judgment are subject to the trustee avoidance power of Section 548. For example, divorce judgment orders transfer of debtor’s community property share in equity of the residence to ex-spouse and debtor did not receive any exchange of value for this transfer. If transfer occurred within 2 years of the bankruptcy filing, the transfer may be annulled!
Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
If son does not turn over the $30,000 to trustee immediately, trustee will file an adversarial complaint against son to recover the money pursuant to Section 548. Will son have any defenses against the complaint? Theoretically, if son had given debtor an exchange of value for the money, this would be a good defense. For example, if son gave debtor a 2009 Lexus 350-R without liens to father for the $30,000, trustee would not be able to prove circumstances required by 548 (B)(i) causing the complaint to fail. However, debtor testified that son did not do anything for debtor to entitle him to get paid $30,000 by debtor. This is strong evidence that there was no exchange of value for the money.
Even transfers made pursuant to a divorce judgment are subject to the trustee avoidance power of Section 548. For example, divorce judgment orders transfer of debtor’s community property share in equity of the residence to ex-spouse and debtor did not receive any exchange of value for this transfer. If transfer occurred within 2 years of the bankruptcy filing, the transfer may be annulled!
Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
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