Posted by Sailor on January 22, 2007 at 22:31:17:
Try negotiating the legal fees prior to settling. Did you just get a
letter & not a lawsuit? If the former, that must have been a
powerful piece of writing–
Tye
Sub 2 Property Sued by Bankruptcy Attorney - Posted by Rich_Va
Posted by Rich_Va on January 21, 2007 at 19:56:55:
I had acquired a rental property sub 2 using Bronchicks techniques and all was fine. I sold it about 2 years later and made about $48k profit.
About a year after I sold it I got a letter in the mail with a lawsuit to the trust it was held in filing for fraudulent transfer of property. I would appear the sellers filed for bankruptcy 2 months after they turned the property over to me.
I hired an attorney, but my fears of attorneys was fairly accurate. It would appear that after significant coaxing, we are going to settle for $3,500, but my attorney’s fees are about $5,000.
Could I have avoided this all together?
Thanks,
Rich
Re: Sub 2 Property Sued by Bankruptcy Attorney - Posted by colvegas
Posted by colvegas on January 23, 2007 at 20:51:38:
Rich,
It sounds bogus to me since proving a fraudulent conveyance is quite a task there needs to be intent and there must be evidence of that. No legal advice at all intended here just my views.The timing of it obviously is what caught you in this since the attorney feels he could have proved had he filed a lawsuit that you were a accomplise to the fraudulent conveyance in trying to hide this asset from the bankrupcties creditors… tough call
I do not know much on bankruptcy issues though.
Better you paid it and be done with it…