Tenants by entirety

[LdiJ]

Thank you for the response.

I lost the lawsuit just last week. The other party has not yet filed any lawsuit for money recovery.

I have few queries:

(i). once the creditor includes my wife as a co- defendant in the lawsuit to recover money then, immediately, if my wife pays back the 30K money (from our TBA account and by borrowing money from her friends) to the creditor then will she be out of the lawsuit? Can the creditor demand more than 30K (such as interest on that 30K, etc) from my wife?

(ii). Tomorrow, if I open a personal account on my name alone, and my wife puts back 30K into that account (by borrowing money from her friends) then will she be out of the mess-up?

Ok, get off of an internet discussion forum and talk to your attorney before you start going to the extreme of borrowing money from friends.

 

[lianxue]

Thank you for the response. I do agree that internet forum is not the final solution.

However, for us, it is far better to pay back that 30K than risk losing our TBA status. If the TBA status is gone, the other party can get our TBA property and also any remaining wages from the TBA account every month. So, it will be a nightmare if that happens. Therefore, we do not wish losing the TBA property and TBA account just for this 30K. Therefore, my wife is ready to pay 30K

Please provide your response to my earlier questions:

(i). once the creditor includes my wife as a co- defendant in the lawsuit to recover money then, immediately, if my wife pays back the 30K money (from our TBA account and by borrowing money from her friends) to the creditor then will she be out of the lawsuit? Can the creditor demand more than 30K (such as interest on that 30K, etc) from my wife?

(ii). Tomorrow, if I open a personal account on my name alone, and my wife puts back 30K into that account (by borrowing money from her friends) then will she be out of the mess-up?



Another question I have is: my wife spent more than 30K from her own money when my parents and I were in an accident long ago (and I have proofs) and therefore, I owe her money. Therefore, was there any fraudulent transfer involved?

 

[justalayman]

paying the $30k does not undo the fraudulent transfer.

 

[lianxue]

Thank you and appreciate.

However, 726.109 Defenses, liability, and protection of transferee.— states as follows:

2) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under s. 726.108(1)(a), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3), or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(a) The first transferee of the asset or the person for whose benefit the transfer was made; or
(b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
(3) If the judgment under subsection (2) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.


Therefore, the creditor can get only 30K from my wife. is it correct?

 

[Ohiogal]

Thank you for the response.

I lost the lawsuit just last week. The other party has not yet filed any lawsuit for money recovery.

I have few queries:

(i). once the creditor includes my wife as a co- defendant in the lawsuit to recover money then, immediately, if my wife pays back the 30K money (from our TBA account and by borrowing money from her friends) to the creditor then will she be out of the lawsuit? Can the creditor demand more than 30K (such as interest on that 30K, etc) from my wife?

(ii). Tomorrow, if I open a personal account on my name alone, and my wife puts back 30K into that account (by borrowing money from her friends) then will she be out of the mess-up?

No. It doesn't change the fraud that was committed. So there is no guarantee that the creditor would drop her from the lawsuit OR the court would dismiss against her. She has proven that she will act illegally. And again, I don't believe your wife could "borrow" 30k from friends that quickly. Which leads me to believe she hid the money.

 

[Ohiogal]

Thank you and appreciate.

However, 726.109 Defenses, liability, and protection of transferee.— states as follows:

2) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under s. 726.108(1)(a), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3), or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(a) The first transferee of the asset or the person for whose benefit the transfer was made; or
(b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
(3) If the judgment under subsection (2) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.


Therefore, the creditor can get only 30K from my wife. is it correct?

The creditor can get all the money due from both of you -- you two are partners so you would also have interest to pay. Why is that so difficult for you to understand?

 

[TigerD]

The creditor can get all the money due from both of you -- you two are partners so you would also have interest to pay. Why is that so difficult for you to understand?

I'm not sure that it correct. Of course, you are correct that the judgment creditor can get all of the $30,000 from either or them plus any interest that many have accrued and costs, but the OP never told us how much the judgment against him was. If the judgment was for $100,000, they would still only be recourse for $30,000 plus interest and costs against the wife.

TD

 

[LdiJ]

I'm not sure that it correct. Of course, you are correct that the judgment creditor can get all of the $30,000 from either or them plus any interest that many have accrued and costs, but the OP never told us how much the judgment against him was. If the judgment was for $100,000, they would still only be recourse for $30,000 plus interest and costs against the wife.

TD

I honestly believe that we should stop responding to this guy other than to tell him to consult with a local attorney. I am really afraid that we have gone too deep into this and that he could make mistakes.

 

[justalayman]

I honestly believe that we should stop responding to this guy other than to tell him to consult with a local attorney. I am really afraid that we have gone too deep into this and that he could make mistakes.

He made the worst mistake mine before coming here when he acted foolishly and sought to hide his assets. He continues to maintain that same mindset with his statement about wondering if owing his wife money would somehow allow him to hide the money

 

[LdiJ]

He made the worst mistake mine before coming here when he acted foolishly and sought to hide his assets. He continues to maintain that same mindset with his statement about wondering if owing his wife money would somehow allow him to hide the money

None of us are experts in this particular arena (not even OG as this is not her area of specialty) and I really think that we might steer him wrong or cause him to make things worse than they already potentially are. I really think that he needs a consult with a local attorney and that it would be irresponsible of us to continue the discussion.

 

[lianxue]

Many thanks for your responses. I forgot to give more details. The lawsuit that was just finished is not on my default on loan, etc. It was on my comments in a council meeting and the other party said that she was injured due to my comments. Until the case is over, I had no idea who will win and how much will be awarded (finally, I lost and the OC got 70K in damages). Until last week, I was paying all my bills, etc on time and I was actually solvent at all relevant times until last week.

Florida Statues, ” 726.105-Transfers fraudulent as to present and future creditors”, is the only applicable statute in my case. In 726.105, in my case, 1(a) is the only applicable statute. (1(b) is not applicable because I did not do any business or transaction in the last several years, except the transaction I made to my wife) However, 1(a) will fail in my case because I was solvent until last week (in fact, I have been constantly and completely solvent for the last several years). The judgment came 14 months after the transfer to my wife, as I explained earlier. Therefore, I was solvent until 14 months after the transfer was made (which is good for any future creditors as well, until last week)

Therefore, my transfer of money is not fraudulent. Please provide your feedback.

 

[Zigner]

Many thanks for your responses. I forgot to give more details. The lawsuit that was just finished is not on my default on loan, etc. It was on my comments in a council meeting and the other party said that she was injured due to my comments. Until the case is over, I had no idea who will win and how much will be awarded (finally, I lost and the OC got 70K in damages). Until last week, I was paying all my bills, etc on time and I was actually solvent at all relevant times until last week.

Florida Statues, ” 726.105-Transfers fraudulent as to present and future creditors”, is the only applicable statute in my case. In 726.105, in my case, 1(a) is the only applicable statute. (1(b) is not applicable because I did not do any business or transaction in the last several years, except the transaction I made to my wife) However, 1(a) will fail in my case because I was solvent until last week (in fact, I have been constantly and completely solvent for the last several years). The judgment came 14 months after the transfer to my wife, as I explained earlier. Therefore, I was solvent until 14 months after the transfer was made (which is good for any future creditors as well, until last week)

Therefore, my transfer of money is not fraudulent. Please provide your feedback.

Why do you want our feedback now? You've already reached your own conclusions.

 

[lianxue]

Thank you. I have not reached any conclusions. Just they are my thoughts (rather than saying, "I think" every time, I simply mentioned them as my statements). Once again they are my thoughts and request your feedback.

 

[Zigner]

Florida Statues, ” 726.105-Transfers fraudulent as to present and future creditors”, is the only applicable statute in my case. In 726.105, in my case, 1(a) is the only applicable statute. (1(b) is not applicable because I did not do any business or transaction in the last several years, except the transaction I made to my wife) However, 1(a) will fail in my case because I was solvent until last week (in fact, I have been constantly and completely solvent for the last several years). The judgment came 14 months after the transfer to my wife, as I explained earlier. Therefore, I was solvent until 14 months after the transfer was made (which is good for any future creditors as well, until last week)

Therefore, my transfer of money is not fraudulent. Please provide your feedback.

The quoted portion above is ALL your conclusion. Run it by your attorney.

 

[lianxue]

Thanks again. I specifically would like to hear from Ohiogal, who called me an idiot (of course, I can understand it positively). Now I provided additional information therefore, i would like to listen again from him/her.