Lookback Time period on Transfers

[dakota112]

What gives with the definition of how far the TT can look back on stuff ( holiday gifts,furniture, old clothes, books, basically junk), not real property like cars, boats or homes or land. My atty in AZ told me the look back is 12months, and not to worry if stuff I bought on a credit card and gave as a gift a year or 2 ago is brought up. To say if it came up it was bought and given away to____ as a gift but as long as it is more than one year and for sure 2 years it won't be an issue.Now I am reading Federal Laws say it is 4 years. So what is it? I file next week and I just want to be sure I'm signing accurate schedules. My atty says I am way overinterpreting all of this and to relax but this whole thing seems so subjective.

[frogger]

My atty says I am way overinterpreting all of this and to relax but this whole thing seems so subjective.

Your attorney is right. Patience grasshopper............

[AngelinaCatHub]

Greetings Dakota: Your attorney is right. You are over reacting a bit on the stuff described.

What the Court is looking for or at, in the look back time frame is a constructive bankruptcy where substantial items or monies are converted or hidden. Normal people spend money and buy gifts and that kind of thing. Now that is not abnormal and most people do not believe they are going into bk until it dawns on them that "Hey, I ain't got no money". Then Wham. BK.

Now if this happens, and a person thinks to himself, well, I can get that 72" HDTV I've always wanted this year as I'm going to bk in six months anyway, you see, that would be "constructive" and Fraud. That is why the look back. Now on the other hand six months to file and you have to pay your late electric bill, that would be a different situation.

Which one do you think the TT would be more interested in? 'Hub



Hey Frogger. Cute but nothing passes like your original Avatar.

[frogger]

Hey Frogger. Cute but nothing passes like your original Avatar.

My baby pic that I got from my mom. I'll be posting others along the way.

[dakota112]

Thanks to both for thr reassurance. I just want to be sure when I sign the schedules I am not committing fraud. The atty who is well know and highly regarded in his field is a no nonsense person but seems so laid back when it comes to this stuff. Once he found out I really don't own anything of value except my junk which to me has value he said stop overthinking this. He didn't want to know about all the worthless crap I own that had value when I bought it but now wouldn;t get 5 dollars at a yard sale. My thoughts were but yeah, if you inventory all this crap and soll it at a dollar or 5 dollars ity would bring the TT some money.

[mtbc]

Don't forget that it costs the trustee a good amount of money to bother trying to get and sell the stuff. Piles of junk would leave them with a net loss.

[dakota112]

One man's junk (what TT would get) is another man's treasure.

[AngelinaCatHub]

One man's junk (what TT would get) is another man's treasure.

That's just it. What is sentimental to me, or even antique may be nothing to anyone else.

Here is an example: There are three prices on every piece of junk. Let us say, you have an old six shooter from 1880. Well it is worth a lot, no? But then, it is documented to come from the Battle of Little Big Horn. Then it has a higher value, no? But then, it is documented as General Custer's side arm, then this makes a different as well.

Price your stuff without emotion and as if you were at a flea market or yard sale. 'Hub