Legal Question in Bankruptcy in Georgia
Bankruptcy Fraud Question
If a person that I know is filing for chapter 7 bankruptcy and he wants to sell some of his property to me at a low price to protect it from being liquidated, can i get into trouble for this? If so, what would be the legal repercussions?
Asked on 10/19/99, 6:01 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Bankruptcy Fraud Question
If the debtor sells property for less than fair value within 1 year of the filing, the transaction can be undone and you would have to return the property or its value. The debtor could also be denied his discharge for doing this.
Answered on 10/22/99, 7:02 pm
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