Legal Question in Bankruptcy in Virginia

Bankruptcy - Protection of Assets

My mother's business is getting ready to file bankruptcy and she wants to protect her personal stock by transferring it to me. Is there anything wrong with doing this? Will this protect her stock? Does she need to protect this stock when she files for bankruptcy?


Asked on 2/02/09, 9:54 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Bankruptcy - Protection of Assets

Transfers of assets in contemplation of bankruptcy are potentially avoidable in the bankruptcy, and can potentially result in a denial of discharge and possibly even criminal sanctions to all involved. See a lawyer before doing anything, and advise your mother to do the same.

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Answered on 2/02/09, 10:49 am


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