Can you transfer assets to friends and family before you file bankruptcy in Las Vegas?
You know you’re going to file for bankruptcy in Las Vegas. But you don’t want to lose that expensive vase. Or your antique wardrobe. Or your car for that matter. But your uncle is willing to take it from you for very cheap, just to hold onto it for a little while. You can do that, right?
If you sell or give an asset away with “intent to hinder, delay or defraud creditors,” (i.e., just because you happen to want to keep it), then that can get you into hot water with the bankruptcy court after you do file for bankruptcy.
It makes sense to think that bankruptcy begins from the moment you file until the moment the discharge is granted. However, you actually have to pay attention to your actions before bankruptcy as well. And transferring assets to friends and relatives is one of those missteps that debtors frequently make.
So what do you do if you have an asset you want to transfer to a friend or relative before you file for bankruptcy and you’re not sure if it’s legit? Contact an experienced Las Vegas bankruptcy attorney. Pre-bankruptcy planning can be a very tricky area. Of course, if done right, it can also be strategically optimized to make sure to you get to keep as many of your assets as allowed by law.
For example, there are a number of exemptions under bankruptcy law in Nevada that enable you to keep a significant amount of your assets. In fact, most debtors are legally able to keep all of their assets in a Chapter 7 bankruptcy. The key is pre-bankruptcy planning.
To learn more, contact an experienced Freedom Law Firm Las Vegas bankruptcy attorney at 702-903-1354 for a free initial consultation. There’s a lot to learn and a lot to know. And starting out with someone you trust and who knows the ins and outs of the process can help you save a great deal of time and money.