Posted on: 31st Aug, 2007 08:05 am
Can you quick claim all of your personal property to a minor to avoid jusgement actions?
Thanks judgement pending
Thanks judgement pending
Robert,
As judgment is pending, if you quit claim the property it can be considered as fraudulent conveyance to defraud the creditors.
Miller
As judgment is pending, if you quit claim the property it can be considered as fraudulent conveyance to defraud the creditors.
Miller
Yes I too feel there are chances that such a transfer could be considered as fraudulent transfer/conveyance. For more information on what could be considered as fraudulent transfer, please go through the details provided on this page: http://en.wikipedia.org/wiki/Fraudulent_conveyance
Hi Robert,
A quitclaim deed is a type of deed which is used to transfer only real properties. You cannot transfer your personal properties through this sort of deed.
A quitclaim deed is a type of deed which is used to transfer only real properties. You cannot transfer your personal properties through this sort of deed.
Hi Robert,
If there is judgment against your personal properties, it will be very difficult to protect them from the creditors. You cannot transfer the properties to any other person. The creditors may sell all your assets and recover the amount.
If there is judgment against your personal properties, it will be very difficult to protect them from the creditors. You cannot transfer the properties to any other person. The creditors may sell all your assets and recover the amount.