Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 14 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
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.