The Importance of Disclosing Transfers
The bankruptcy forms require that the debtor list all property, other than property transferred in the ordinary course of business or financial affairs of the debtor, transferred either absolutely or as security within two years immediately preceding the commencement of the case. Married debtors filing under Chapter 12 or Chapter 13 must include transfers by either or both spouses whether or not a joint petition is filed, unless the spouses are separated and a joint petition is not filed. Further, the debtor must list all property transferred within ten years immediately preceding the commencement of the case to a self-settled trust or similar device of which the debtor is a beneficiary. The forms require that the name and address of the transferee be listed along with the relationship to the debtor, the date of the transfer, the type of property transferred and the value received. Failure to make accurate disclosures regarding transfers can have very serious consequences for a debtor including denial of discharge and being charged with a crime.
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For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.