2006-07-31 02:52:03 · 5 answers · asked by Stevie T 1 in Business & Finance ➔ Other - Business & Finance
No. It is called a fraudulent transfer. The courts frown upon someone trying to hide assets before bankruptcy. They will get the bank statements and will start asking questions about where did this 30K go. When they see the loan agreement they will charge him with making a fraudulent transfer and the transaction will be null and void. They will get a court order demanding you return the 30K to the court and if you can't return it they may file criminal charges against your father.
2006-07-31 04:47:26 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
NO that's not normal. Sounds like your Dad is trying to pass some of his bad debt off on you. Don't be a fool!! Your parents debt is THEIR debt, not yours. You are not responsible for that!
I don't know your situation but it sounds like your Dad is trying to take advantage of you. If I were you, I would make sure that my money was safe and don't sign ANYTHING for him. If you are young, your credit has a chance to be great. Don't be fooled into thinking that you're helping him out and ruin your credit rating for yourself down the line. Trust me, I know.
2006-07-31 02:58:33 · answer #2 · answered by tron2003 1 · 0⤊ 0⤋
The lawyer will know.
2006-07-31 02:55:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
ask another lawyer
2006-07-31 04:23:10 · answer #4 · answered by TOMMY 2 · 0⤊ 0⤋
it is called a loophole........ legal maybe......... right no
2006-07-31 02:56:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋