Legal Question in Bankruptcy in Minnesota
Bankruptcy - general
if Person A was gifted or loaned a sum of money from Person B, and over a year later Person B filed for Chapter 7 Bankruptcy can the Trustee for that Bankruptcy discharge pursue Person A for repayment to the Bankruptcy Court of the amount gifted or loaned?
Asked on 7/25/07, 1:55 pm
1 Answer from Attorneys
David Kelly-952-544-6356
Kelly Law Office
Re: Bankruptcy - general
The short answer is yes.
The trustee can use the Minnesota fraudulent transfer act to reclaim that money. This law has certain requirements, however, which are not always easy to satisfy.
Both Mr. A and Mr. B should consult with a lawyer right away. There may be defenses against the trustee involving facts not included in your question.
Answered on 7/25/07, 3:59 pm
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