Asset Protection And Fraudulent Transfer  

        Fraudulent Transfer is a common practice when debtor is trying to get out of having to pay his creditor, by 'selling' off everything he owns to family and friends for a meager amount.

        If it can be proven in the courts that such transactions were fakes, the court has every right to declare them null and void, and the people in possession of those assets must hand them over to the creditor. The fraudulent transfer law states that you are not legally allowed to do anything that may be disadvantageous to your unsecured creditors, and if you do, then the courts can exercise their rights and ignore your actions. Asset protection schemes usually take place with the help of people whom you trust and can transfer your assets to, like your spouse, a friend, business associate or a family member. However, if your creditor can come up with substantial evidence that the transfer you made was done specifically to avoid paying him, your creditor can turn to the Uniform Fraudulent Transfer Act for remedies.

        Go online or look through the yellow pages, and you will find a large number of people and companies who offer their services in order to help you safeguard your assets from creditors. However, be very careful if you choose to deal with any of them, since most of these service providers would have you do things to safeguard your assets which could get you in serious legal trouble, particularly if you do things that could violate the Uniform Fraudulent Transfer Act. You could lose all your assets and face additional costs by way of lawyer’s fees, and those close ones who help you could have their credit damaged and end up in court along with you.WelcomeToWelcomeRocketswag

 

 

    
Asset Protection And Fraudulent Transfer
 

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