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.