Fayette, AL asked in Bankruptcy for Alabama

Q: What is the waiting period to file chapter 7 after signing property over to a relative

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1 Lawyer Answer
Christopher Kern
Christopher Kern
  • Bankruptcy Lawyer
  • Mobile, AL
  • Licensed in Alabama

A: Under federal bankruptcy law, specifically, Section 548 of Title 11, a trustee can set aside the transfer of an asset that occurs within two years of the filing of a bankruptcy petition, unless certain defenses exist. Additionally, however, Section 544 of Title 11 allows a trustee to use Alabama law to set aside transfers, and the Alabama Fraudulent Conveyance Act provides for the setting aside of transfers as long as ten years after they occur. This is a complex area and you should seek more detailed legal advice on this issue.

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