Legal Question in Real Estate Law in New York

Re: lead paint law suit

There is no simple answer to your multiple

question. A thorough examination of the

entire proceeding must be conducted before

even a preliminary answer can be given.

There could well be initial liability in

spite of the lead disclaimer due to the

inability to waive such protections. There

are considerations of potential violations

of the Debtor & Creditor Law regarding the

transfers of the property as potentially

being in defraud of creditors. This would

need to be examined. The impact of the

prohibitions of Section 523 of the Bankruptcy

Code regarding the dischargeability of

certain debts would have to be examined to

determine whether you can eliminate liabilty

with a filing. Further, any transfers to

a wife or other close individual are subject

to upset in a Bankruptcy proceeding. And,

what happens to your interest in the LLC?

Can this also be attached and thus control

over the underlying assets obtained.

I trust you have counsel, and are working

closely with the same. These financial

manipulations are much too complex to be

done without proper consultation.