looking For non-exempt property

Question 1

Clerk of court issues summons…

Answer 1

requiring debtor to appear and answer questions about types of non-exempt property

Question 2

if d has non-exempt property,

Answer 2

they will make debtor turn it over to satisfy judgment

Question 3

not compliying with summons can be grounds for

Answer 3

sanctions or incarceration

Question 4

fraudulent conveyances allow

Answer 4

creditors to seize the property from 3d party to satisfy judgment

Question 5

intentionally fraudulent

Answer 5

done by d with intent to hinder, delay or defraud

Question 6

creditor bears the burden of

Answer 6

proving intent, unless transfer is between spouses

If it is a spouse, there is a presumption that it was done with fraudulent intent

Question 7

Constructively fraudulent

Answer 7

transferred for less than total fair value and the debtor is insolvent at time of trasnfer

Question 8

Current creditors have

Answer 8

claim existed at time of transfer and the claim was liquidated claims (fixed amount)

Question 9

Future creditor

Answer 9

claim is acquired post-transfer, or the claim existed at the time of transfer, but was unliquidated

Question 10

only current creditors can sue under

Answer 10

constructively fraudulent conveyances

Question 11

if the conveyance was to hinder, delay or defraud

Answer 11

all can sue

Question 12

if transfererr is a good faith purchaser for fair value,

Answer 12

he is protected

Question 13

good faith purchaser who paid less than fair value

Answer 13

loses property, but gets money back

Question 14

creditors attack fraudulent transfers by

Answer 14

creditor bill

Question 15

preferential payments are not

Answer 15

fraudulent transfers