Legal Question in Bankruptcy in Michigan

Bankruptcy

Chapter 7 bankruptcy. Three months ago I transfered a vacant lot I owned to my brother. The value was @ $10,000. I owed him some money so I gave him the lot. I need to file for bankruptcy. Will this be held againt me?


Asked on 7/11/08, 1:17 pm

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: Bankruptcy

Wait at least 90 days from the transfer before filing bankruptcy, otherwise any payments within 90 days of you filing are considered "preference payments" and they will have to be returned.

The court/trustee will likely examine the transfer, especially since it was made to a family member, so just make sure you have your documentation ready to prove that it was a legitimate debt that you paid to your brother.

If you need a bankruptcy lawyer, please contact me.

Thanks.

Read more
Answered on 7/11/08, 3:21 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Michigan