tenancy by entirety account created after the lawsuit was filed

[LdiJ]

If the annuities are owned only by you then no, because you got back annuities that have approximately the same value as the money you used to buy them.



That's almost certainly a fraudulent transfer unless you have a legal obligation (e.g. court order) to pay for that. Gifts to kids are one of the classic fraudulent transfer situations.

How is that a fraudulent transfer at this stage? The OP has been sued, but there has not been a judgement yet.

 

[Taxing Matters]

How is that a fraudulent transfer at this stage? The OP has been sued, but there has not been a judgement yet.

Because if the debt is confirmed by the judgment, the date the claim is considered to have arisen will generally be the date of the act that gave rise to the claim. For example, if Joe trips and falls on Brenda's porch steps on 10/12/2019 because she was negligent, then the date that the claim arises is 10/12/2019. That's the date the debt is considered to have arisen. So transfers after that date in an effort to avoid paying Joe on his claim would be subject to the fraudulent conveyance statute even though there is no judgment yet. This addresses the issue of debtors stashing their assets away out of reach of creditors while they go through the litigation process. Think of it this way: litigation does not create the liability. It simply confirms the liability and provides a remedy to address it. The liability necessarily had to exist first or there could be no claim filed in court.

 

[doucar]

726.106 Transfers fraudulent as to present creditors.—
(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(2) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.

 

[quincy]

726.106 Transfers fraudulent as to present creditors.—
(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(2) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.

Taxing Matters already provided 726.106 in post number 7.

 

[singleton6]

Appreciate all your responses.

“If the annuities are owned only by you then no, because you got back annuities that have approximately the same value as the money you used to buy them.” If I buy annuities on my name, using the non-exempt money (i.e., my salary) can the plaintiff, once they become creditor, can seize the annuities from me? Or the annuities are protected under Florida Statute 222.14? http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0200-0299/0222/Sections/0222.14.html



“For how much are you being sued? Do you have a defense to the lawsuit?” Minimum $15,000. The lawsuit says that the actual amount of damages will be presented later. I contacted an attorney but still not hired. Even if I hire, he said he has no knowledge in fraudulent transfer matters.

I generally prefer to use cash for shopping, travel, and for various things. If I continue that pattern now, do I need to produce the receipts/bills for those spendings/payments?

 

[Litigator22]

Appreciate all your responses. “If the annuities are owned only by you then no, because you got back annuities that have approximately the same value as the money you used to buy them.” If I buy annuities on my name, blah, blah, blah . . .

All of these pointless machinations of yours in groping for ways to shield your salary are overlooking a potent component in your judgment creditor's arsenal!

And that is your neighbor's ability to secure a "continuing writ of garnishment" * and thusly levy execution against your earnings before your employer ever remits them! Less, of course those exemptions as allowed by law, but to run until the judgment is fully satisfied.
_______________

[*] F. S. 77.0305 "Continuing writ of garnishment against salary or wages.— Notwithstanding any other provision of this chapter, if salary or wages are to be garnished to satisfy a judgment, the court shall issue a continuing writ of garnishment to the judgment debtor’s employer which provides for the periodic payment of a portion of the salary or wages of the judgment debtor as the salary or wages become due until the judgment is satisfied or until otherwise provided by court order. * * *"

 

[singleton6]

Appreciate a lot. I will not go for annuities, etc.
If I use cash purchases (which I do often to buy items at farmers market, during vacation, etc; using the money that I withdraw from my bank account), am I obligated to produce (to the creditor or court) the receipts for spending the cash?

 

[Ohiogal]

Appreciate a lot. I will not go for annuities, etc.
If I use cash purchases (which I do often to buy items at farmers market, during vacation, etc; using the money that I withdraw from my bank account), am I obligated to produce (to the creditor or court) the receipts for spending the cash?

You are trying very hard to find ways of hiding money … Why should anyone help you with that?

 

[Litigator22]

You are trying very hard to find ways of hiding money … Why should anyone help you with that?

Agreed OG and if the shoe was on the other foot she'd by in here screaming for justice.

I repeat - she is possessed with ways to hide her earnings from the clutches of the creditor seemingly totally unmindful of the creditor's right to levy execution against her salary before it is ever remitted to her as per a continuing writ of garnishment. (F. S. 77.0305) (Again, less exemptions allowed by law.)