Concerned of TBE account I had in the past

[quincy]

Interesting. We have only had a few recent fraudulent transaction threads on this forum, all from Florida and all with essentially the same facts.

The question asked here is nicely addressed by the previous threads Ohiogal linked to, at any rate.

The case cited by monique2m should provide some reassurance to her, too - although she might want to see an attorney in Florida for a personal review. The Florida Court said: “If the property transferred is an intangible asset (such as a bank account or an investment account) and the non-debtor spouse did not take any control of the asset, even for necessities, it is difficult for the Court to envision entering a judgment against the non-debtor spouse, no matter how ill-intentioned the debtor was, for the value of accounts transferred.”

 

[monique2m]

Thanks a lot to each one of you. The case I cited is from a bankruptcy court. What are the possibilities of a circuit civil court (that is where my husband lost the case) agree with a judgment made by a bankruptcy court, if circumstances are similar?

 

[quincy]

Thanks a lot to each one of you. The case I cited is from a bankruptcy court. What are the possibilities of a circuit civil court (that is where my husband lost the case) agree with a judgment made by a bankruptcy court, if circumstances are similar?

No idea. I can’t make a prediction that will be of any worth to you.

What you will want to do, if the judgment creditor sues you, is to hire an attorney. The attorney could get any action against you dismissed or can defend you in court - if it comes to that. It might not.

 

[monique2m]

Bunch of thanks.

 

[quincy]

You’re welcome, monique2m. We all thank you for the thanks.

 

[zddoodah]

The case I cited is from a bankruptcy court. What are the possibilities of a circuit civil court (that is where my husband lost the case) agree with a judgment made by a bankruptcy court, if circumstances are similar?

A decision by a federal bankruptcy judge is not binding on anyone except the parties in the case in which the decision was made. Whether a state court judge would be persuaded by such a decision would depend on many factors unknown to us, so there's no way to predict that.

 

[quincy]

The attorney you hire, monique2m, would look at previous similar cases and might use the same arguments that were used in those cases that could help to support your case. What flies and what doesn’t in any particular case and in any particular court is really fact-specific, though.

 

[monique2m]

An additional thing I noticed in my/my husband’s situation.
Florida fraudulent transfer law,

726.105(1)(b) dictates “Without receiving a reasonably equivalent value in exchange for the transfer or obligation, …”

726.105(2)(h) dictates “The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred.”

726.106(1) dictates “…without receiving a reasonably equivalent value in exchange for the transfer or obligation”

In essence, if the debtor received reasonably equivalent value in return for a transfer then that transfer is potentially not fraudulent transfer. My husband, who created TBE after the judgment was entered, received exactly the same amount from that TBE (he withdrew or used all the money from that TBE). As a result, I believe that potential claims regarding fraudulent transfers (agaisnt me or my husband) will not hold.

 

[quincy]

An additional thing I noticed in my/my husband’s situation.
Florida fraudulent transfer law,

726.105(1)(b) dictates “Without receiving a reasonably equivalent value in exchange for the transfer or obligation, …”

726.105(2)(h) dictates “The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred.”

726.106(1) dictates “…without receiving a reasonably equivalent value in exchange for the transfer or obligation”

In essence, if the debtor received reasonably equivalent value in return for a transfer then that transfer is potentially not fraudulent transfer. My husband, who created TBE after the judgment was entered, received exactly the same amount from that TBE (he withdrew or used all the money from that TBE). As a result, I believe that potential claims regarding fraudulent transfers (agaisnt me or my husband) will not hold.

It does not appear to any of us, based on what you have said, that there was a fraudulent transfer.

If you are sued, however, you would be smart to hire an attorney to help with your defense.

 

[monique2m]

Thank you!!

 

[quincy]

Thank you!!

You’re welcome, monique2m. Good luck.