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If you are planning to file for bankruptcy in the near future, it is important to consider the gifts you have given to family members in the recent past. Giving large gifts or transfers that are under fair market value to an’insider’ within two years of filing for bankruptcy can trigger the finding of a fraudulent transfer under federal law.
→ Read MoreTuition prepayments are structured in varying ways. In some situations, money is actually paid to a school or group of schools. In other instances, you may have money in a 529 account, a trust fund or have it set aside in some other way for your children. In the case of a bankruptcy, what happens to that money is going to depend on the tuition prepayment plan’s structure and on the bankruptcy chapter filed.
→ Read MoreBalance transfers are generally seen as a new debt, and if you don’t have the present intention to pay the new debt at the time it was incurred, it might be determined to be the result of fraud and you may not be able to have it discharged when you file bankruptcy.
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