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I own a pices of property worth about $10,000 and I have creat card deet of $35,000. Can I sell it to a friend A $100 amd then give the $100 to the creat card com’s the $100? Thanks Jim
Asked on May 21, 2009 under Real Estate Law, New York
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Selling something for a lot less than it's worth, when you have debts you can't pay, is called a "fraudulent transfer." Your creditors often can have that kind of sale undone, and there can be other unpleasant consequences as well.
I would very strongly recommend that you talk to a bankruptcy attorney, before you try doing anything like this, and give him or her all the facts of your situation, to get reliable advice. You might find that you have some much better options, such as a Chapter 13 bankruptcy or a debt consolidation plan. One place to look for the lawyer you need is our website, http://attorneypages.com