Legal Question in Bankruptcy in Maryland

Re: converting assets

You need to be very careful in making changes in ownership etc. of property prior to filing a bankruptcy. The court has the power to undo transaction such as those you are proposing because they seem to be specifically calculated to hinder creditros. Having said that, if you are having financial difficulties and you have assets, you should immediately contact an attorney who is very experienced in helping people resolve such situations. If you act in a timely fashion, there may be strategies other than bankruptcy that are available to you -- plus, there are ways to file bankruptcy and protect all of your assets (without making any changes to the ownership or encumbrances). Also, if you plan properly, you can even file a liquidation type of bankruptcy and still keep most of your property -- but you'll have to have good advice in order to do it.

Lawrence R. Holzman, Esquire

Joseph, Greenwald & Laake, P.A.

6404 Ivy Lane, Suite 400

Greenbelt, MD 20770

(301) 220-2200

fax (301) 220-1214

Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.

Re: converting assets

You need to be very careful in making changes in ownership etc. of property prior to filing a bankruptcy. The court has the power to undo some transactions because they are deemed to be specifically calculated to hinder creditros. Having said that, if you are having financial difficulties and you have assets, you should immediately contact an attorney who is very experienced in helping people resolve such situations. If you act in a timely fashion, there may be strategies other than bankruptcy that are available to you -- plus, there are ways to file bankruptcy and protect all of your assets (without making any changes to the ownership or encumbrances). Also, if you plan properly, you can even file a liquidation type of bankruptcy and still keep most of your property -- but you'll have to have good advice in order to do it.

Lawrence R. Holzman, Esquire

Joseph, Greenwald & Laake, P.A.

6404 Ivy Lane, Suite 400

Greenbelt, MD 20770

(301) 220-2200

fax (301) 220-1214

Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.