Court Avoided Debtor’s Fraudulent Transfer of Valuable Land for No Real Consideration within 4 Years of Petition date

Court Avoided Debtor’s Fraudulent Transfer of Valuable Land for No Real Consideration within 4 Years of Petition date

Over a decade before she filed Chapter 7 bankruptcy, Debtor obtained two valuable pieces of vacant  real property.

Debtor transferred the parcels for very little  consideration. The properties together were worth over $300,00.00. However,  Debtor received very little for them when she transferred them.  Each transfer was for $10 and undefined “other valuable considerations.”  Debtor also received stock certificates, but she could not ascertain their value.

The Debtor conceded that the transfers were specifically for asset protection purposes.

These transfers occurred after creditors had sued the Debtor for unpaid debts.

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