Pretty sure he distributed his assets to his offsprings and relatives before doing this.
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
https://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-finds-property-transferred.html
Whatever you have sold or given away in the 2 years before bankruptcy is vulnerable to being seized by the bankruptcy court.
So unless he knew more than two years ago that he was going to get hit with this judgment, he most likely had no reason to start giving away his assets. Whatever he has given away since he was hit with this lawsuit is most likely going to be seized by the court.
Bankruptcy judges aren't stupid. They are well aware of the things people will do to hide their assets from the court. And if the judge thinks you've done that, you're in deep shit.
My parent's lawyer said that the number one way to screw up your bankruptcy is to try to hide assets.
I'm sure they'll have a forensic accountant or two going over all his financial statements from the past 10 years, hunting down how much money he has.
They had one in my parent's bankruptcy, and they weren't anywhere near 500 million dollars in debt.
Pretty sure he distributed his assets to his offsprings and relatives before doing this.
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
https://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-finds-property-transferred.html
Whatever you have sold or given away in the 2 years before bankruptcy is vulnerable to being seized by the bankruptcy court.
So unless he knew two years ago that he was going to get hit with this judgment, he most likely had no reason to start giving away his assets. Whatever he has given away since he was hit with this lawsuit is most likely going to be seized by the court.
Bankruptcy judges aren't stupid. They are well aware of the things people will do to hide their assets from the court. And if the judge thinks you've done that, you're in deep shit.
My parent's lawyer said that the number one way to screw up your bankruptcy is to try to hide assets.
I'm sure they'll have a forensic accountant or two going over all his financial statements from the past 10 years, hunting down how much money he has.
They had one in my parent's bankruptcy, and they weren't anywhere near 500 million dollars in debt.
Pretty sure he distributed his assets to his offsprings and relatives before doing this.
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
https://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-finds-property-transferred.html