Seven Personal Bankruptcy Tips BEFORE Bankruptcy in Boston
We recommend that folks in Massachusetts meet with us BEFORE making decisions regarding assets whenever personal bankruptcy is a possibility; even if it is only a remote possibility. This is because with decades of experience in personal bankruptcy we see a theme with respect to mistakes our clients have made. First, be very careful before transferring real estate. Selling your house is one thing. Transferring ownership to your spouse or child may be a good idea for many reasons. However, it also may be considered a fraudulent conveyance in a number of instances. The federal bankruptcy Trustee that reviews your Personal Bankruptcy Petition and Schedules always asks about real estate transfers. The Registry of Deeds records are public and your testimony is under oath. It is one of the easiest frauds to catch. And, it’s almost always unnecessary: your can exempt your home under both federal and state laws in personal bankruptcy.
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