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Question
Eight months after purchasing $70K of furniture in a secured promissory note which was UCC filed with the state and perfected and a default judgement, the debtor sold the assets and kept the money. Now he is declaring Chapter 13. How much of the $70K is a secured asset? Is the debtor in trouble for doing this?
Dear Steve,
Thank you for your question.
This could fall under fraudulent transfer A transfer of a debtor's property made with intent to defraud or for which the debtor receives less than the transferred property's value. Your a creditor holding a claim against the debtor who has the right to take and hold or sell certain property of the debtor in satisfaction of some or all of the claim.
Make sure to be present at the 341 hearing (the meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs). If you need to, prepare a motion lifting the automatic stay to claim your property.
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