How To Avoid Fraudulent Transfers of Property
To avoid the impression that you engaged in fraudulent transfers of property, experts recommend compliance with the following guidelines: 1) Avoid transferring your assets to close friends or family members;
2) Do not create a debt owed to a family member or a close friend,
3) Disclose the fact that a conveyance has occurred or a debt was incurred,
4) If you must transfer a property, let the transfer occur long before you are sued or threatened with a lawsuit,
5) Do not disappear from the scene,
6) Do not remove your assets from the jurisdiction,
7) Let the receipt of the transfer reflect the true worth of the asset sold,
Avoid incurring a huge debt shortly before the conveyance,
9) Prevent a transfer of assets to another lender who then conveys the same properties to an entity friendly to you, the original seller, and 10) Make sure that the transfer will not leave you insolvent.
