Setting Aside A Fraudulent Transfer
When a creditor learns that a debtor has no assets to satisfy a claim, the creditor’s first reaction may be to throw up their hands in defeat. However, the determination that a debtor presently owns no assets does not necessarily preclude a creditor from satisfying an existing judgment. In the event a debtor has transferred real estate or other property to a family member or third party, a creditor may have the ability to set aside the debtor’s transfer under the Uniform Fraudulent Transfer Act.
In Ohio, a transfer made with the actual intent to hinder, delay or defraud any creditor may be set aside by a court and a creditor could be permitted to execute upon that property. A court must weigh a series of factors in its determination of whether a debtor intended to hinder, delay or defraud creditors in making the transfer.
We encourage you to schedule a consultation to address questions or concerns about your case.