Legal Question in Credit and Debt Law in Florida

moving cash from creditors

My co-worker's son is in real estate debt in Florida. He wants his mom to open an online stock brokerage account in her name with his remaining cash so that he can day trade and conceal his cash from the mortgage companies and banks. Will she get in trouble if she accepts his money and opens this account as he's asking? I say ''yes'' but she says ''no, that she'd be doing nothing wrong''.


Asked on 6/08/09, 6:22 pm

1 Answer from Attorneys
Charles Gallagher Gallagher & Associates Law Firm, P.A.

Re: moving cash from creditors

There is nothing wrong if you are just late on your obligations and owe money to the lender. If you have a final judgment against you or are in the middle of bankruptcy, such action may be prohibited as a fraudulent conveyance.

Read more
Answered on 6/09/09, 8:39 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida