Fraudulent Transfers 101: What You Need To Know When Following The Money Trail (FL)

The debt collection process is based upon a creditor’s right to repayment from the liquidation of a debtor’s assets. In Florida, there are many judicial procedures available, which allow creditors to identify, seize, lien, levy and force the sale of a debtor’s assets in order to satisfy the indebtedness owed to the creditor. Unfortunately, many creditors face the difficult reality that an insolvent debtor with little-to-no assets is essentially “judgment proof,” and the debt is uncollectable. In some circumstances, however, the debtor may have engaged in transferring or concealing assets in an effort to delay or hinder collection activities by its creditors. In those cases, the creditor has a powerful set of remedies against the debtor and the subsequent transferees under the Uniform Fraudulent Transfer Act (“UFTA”).    Read the article………………