![]() The discharge legally excuses you from your remaining unsecured debts. After you go through a Chapter 7 or Chapter 13 bankruptcy, you will receive a discharge. The Right Way to Protect Your Property Against CreditorsĪll that said, it is possible to protect your property against your creditors-through bankruptcy. If the property is stock in trade-i.e., inventory in a business-with a value of greater than $250, then the crime is a felony, meaning you could be sent to jail for more than one year. The crime of fraudulent conveyance is a misdemeanor, punishable by a $1,000 fine or up to one year in jail or both. The Crime of Fraudulent ConveyanceĪnd then we come to an even bigger potential problem: In California, it is a crime to fraudulently sell, convey, assign, or conceal property with the intent to defraud, hinder, or delay a creditor of its rights, claims, or demands. That is, if you make a fraudulent transfer during the year before you file your bankruptcy petition, the court might refuse to discharge your debts-defeating the whole purpose of going through bankruptcy. But the trustee’s power is limited to fraudulent transfers within the last two years.īut that’s not all: making a fraudulent transfer within one year before filing for bankruptcy is one reason why a bankruptcy discharge can be denied in California. Like creditors under the UVTA, the bankruptcy trustee can avoid such transfers and take back the property from whomever you gave it to.
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