Legal Question in Credit and Debt Law in New York

Transfering Prop. to LLC...can creditors go after llc

I own some investment property that I am transferring to an LLC of which I am a part owner.

I have some medical and other huge bills that I am having difficulty paying at this point...

If I transfer the property from my name to an LLC, and the bills are past due but NOT a judgement against me, can the property, once it belongs to the LLC be attached?


Asked on 1/18/04, 2:17 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Transfering Prop. to LLC...can creditors go after llc

I would make that argument if I was the attorney for the creditor and learned that you transferred assets to a LLC for no value that would make it that much more difficult to satisfy your existing legal obligations. Transfer of property from one entity to another for no value is FRAUD when you are doing it while you have unpaid obligations.

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Answered on 1/18/04, 5:21 pm


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