M.J. Shanahan & Assoc. Inc. - Living with debt is like living in Hell!
  THINGS PEOPLE DO THAT SUBJECT THEMSELVES
TO LIABILITY OR CRIMINAL PROSECUTION


            The California  Civil Code, like many other jurisdictions, Section 3439 considers the transfer of an asset to be fraudulent once you have knowledge of a claim or your potential debts exceed your ability to pay.

             Violating this section subjects you to civil liability and potentially punitive damages that cannot be discharged in bankruptcy. In addition, if you transfer an item to avoid creditors and then file a bankruptcy petition, you are likely to have violated federal law and subject yourself to a $250,000 fine and 5 years in federal prison.

            Here are some examples of a fraudulent transfer.

            1.    Transferring property to a trust to avoid a creditor from attaching it or executing on it.

            2.    Transferring a percentage of real property or the entire property to a relative or trust with a foreclosure pending to the purpose of stopping the foreclosure. (This is popular with loan mod people but your the one that does the prison time.)

            3.     Not disclosing that you own any kind of property, real or personal, when you file bankruptcy. This subjects you to federal prosecution.

            4.     Transferring property to a relative to avoid having to list it in bankruptcy. This not only subjects you to liability but also your relative.

            Bankruptcy is a legitimate way to protect your property and solve the problem. Don't fool around with illegal or fraudulent activities to do what you are entitled to do legally within the bankruptcy process.

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