Frequently we receive inquiries from prospective homeowners about clearing judgments discharged in their prior bankruptcy. The question typically arises after a contract of sale has been finalized and attorney review completed. A title company search reveals a prior judgment entered in the Superior Court of New Jersey, but which the client previous...
In this post we examine the statute of limitations applied to a bankruptcy trustee's ability to pursue fraudulent asset transfer claims also known as "clawback" claims. (This is distinct from preferential payments received by a creditor within 90 days of the debtor's bankruptcy filing - a time period where the law presumes the debtor to be insolv...
Picture this scenario: A debtor transfers his assets to his wife to avoid a creditor's judgment. The debtor then discharges the creditor's judgment in a chapter 7 Bankruptcy. Can the creditor independently sue the debtor's wife under New Jersey’s Fraudulent Transfer Act (“NJUFTA”), N.J.S.A. 25:2-20 et seq., to avoid the asset transfer e...
Under federal bankruptcy law, retirement funds are generally exempt from the claims of creditors in bankruptcy proceedings. But in Clark v. Rameker, 134 S. Ct. 2242, 189 L. Ed. 2d 157 (2014), the United States Supreme Court declared that an inherited IRA -received by the beneficiary upon death of the IRA owner - does not fall within the definition ...
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