Bankruptcy: Fraudulent Transfers

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bankruptcyIt is very important to utilize the services of an experienced and licensed bankruptcy lawyer if you are considering filing for bankruptcy.

Bankruptcy is a very complicated issue.

There are many laws, rules, and regulations that must be followed each step of the way to make certain that you are abiding by the law.

Because bankruptcy laws are always changing the services of an attorney are needed.

It’s important that every effort is made to ensure that you handle every aspect of your bankruptcy claim according to the law. This is also especially important in the area of fraudulent transfers.

Fraudulent transfers are also known as fraudulent conveyance.

During a bankruptcy, someone generally appoints a trustee to handle the affairs of an estate to protect the well being of debtor’s assets.

If property or assets are given to the trustee to prevent creditors from claiming them, a fraudulent transfer has occurred and this is against the law.

To ensure that no mistakes are made, it’s important that an attorney handle your bankruptcy case. It’s easy to inadvertently break the law by not understanding the laws that govern fraudulent transfers.

An attorney can help you understand the Uniform Fraudulent Transfers Act and explain the requirements and proceedings to you.

It is understandable that a company or individual would want to protect their assents when filing bankruptcy.

But, it’s important to follow state and federal law and devise a strategy with the help of an attorney.