Legal Question in Bankruptcy in Virginia

Re: Bankruptcy/Virginia

Several things. First, any transfer made within a year before the case with the intent to hinder, delay or defraud creditors will result in denial of a discharge. In addition, transfers without adequate consideration made within 2 years, or which are considered fraudulent under state law (within the state law statute of limitations - at least 5 years in Va.), and transfers in payment of pre-existing debts to insiders within a year, or to anyone else within 90 days, are potentially avoidable and recoverable by the trustee. There are also criminal penalties for bankruptcy fraud that could be implicated.