Legal Question in Bankruptcy in Massachusetts
father filed for bankruptcy-my rights
My father sold me his condo in 2001. He filed for bankruptcy in 2003. Now one of his debtors is sueing me for $50,000.00 because my father sold me the condo lower than market value at the time. What is the statue of limitations in going after a debt in such cases? is there one?
2 Answers from Attorneys
Re: father filed for bankruptcy-my rights
You probably mean that one of his -creditors- is coming after you. The creditor probably thinks it was a fraudulent transfer - that is, one that (among other things) was made with the intent to hinder, delay or defraud creditors. That can be a very difficult claim to oppose. You don't say what type of bankruptcy your father filed, but if it was a chapter 7 case, it is possible that it is not a creditor but the bankruptcy trustee that is suing you. In any event, you should get the papers to a lawyer quickly because your time to respond to the papers may be running out, and if that happens, you could lose automatically! Good luck.
Re: father filed for bankruptcy-my rights
In my opinion, if you father filed for bankruptcy in 2003, any cause of action vis a vis the condo you purchased, would be held by his Chapter 7 trustee. Typically, at your father's section 341 meeting, the sale to you would probably have been disclosed. The Massachusetts statute on fraudulent conveyances is 4 years. Without knowing all of the facts, it is likely your father's chapter 7 trustee was satisfied with the consideration that you paid. Looking at it another way, if this creditor of your father was listed in his bankruptcy petition, the debt was in all likelihood discharged. Absent a debt, it would be difficult for this creditor to pursue his claim. Under any circumstance, you need to consult with an attorney so that all of the facts regarding the sale of your father's condo to you can be assessed and an appropriate defense mounted to what may very well be a frivilous claim.
Related Questions & Answers
-
Chapter 13 mortgae co. is foreclosing on my home. please can chapter 13 help me? Asked 5/10/06, 10:02 pm in United States Massachusetts Bankruptcy Law