By Fredrick P. Niemann, Esq. a New Jersey Fraudulent Transfer Attorney
The term “fraudulent conveyance” is often referred to as the more general legal term called “fraudulent transfer”. But a fraudulent conveyance is more descriptive of the transfer of title to real property. A fraudulent transfer, however, includes all types of property and in New Jersey is governed by the law of fraud. Therefore, the term fraudulent transfer will be used for the remainder of this post.
Much of the language of the fraud law was adopted from the Uniform Fraudulent Conveyance Act, which is the predecessor of the UFTA.
Under the Bankruptcy Code, insolvency and the potential for a fraudulent transfer exists when the sum of the debtor’s debts exceeds the fair value of the debtor’s property, with some exceptions. It is a balance sheet test.
Within two years prior to the filing of bankruptcy – the law allows trustees to employ applicable New Jersey law to recover fraudulent transfers. The time period under the UFTA is in most cases four years before action is brought to recover.
Contact me personally today to discuss your fraudulent transfer matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at email@example.com/.