The term 'fraudulent transfer' is a very important term to those of us practicing in the field of bankruptcy law. For the attorney representing the Debtor, to the trustee, or to the creditor(s), it can take on a different meaning with a very significant outcome. Under 11 U.S.C. §548 of the U.S. Bankruptcy Code, the trustee has what is known as 'avoidance powers' to essentially avoid any transfer of an interest in property of a Debtor that can be proved to have been fraudulently transferred per the elements of that code section within a look back period of 2 years from the filing of that bankruptcy case. The Supreme Court rendered a slip opinion in the case of Husky International Electroni
When constructing a consumer bankruptcy case, an important step is to determine all of a debtor's legal and equitable interests in property and its fair market value. This is what is known as an equity analysis. Because once your case is filed, a bankruptcy estate is created which includes all your legal and equitable interests in your property. See §541(a)(1) The Bankruptcy Code allows a debtor to exempt its interests and the amounts and categories are very specific and limited in scope. One such specific exemption category is 'retirement funds' under the Federal bankruptcy exemption §522(b)(3)(C). What if you inherited an Individual Retirement Account (IRA), also known as an 'inherited
