Physician and attorney practices through corporations or LLCs can be owned only by licensed professionals. Therefore, the professional cannot own his business in most cases jointly with his spouse who is not also licensed in the same profession. Profit distributions from the professional practice are paid to the professional spouse who owns the business. These distributions are non-exempt money in the hands of the professional.
Most professionals and their spouse maintain joint financial accounts in order to achieve tenants by entireties protection of their personal money from potential creditors or claims against the professional related to his professional practice. When the professional deposits non-exempt distributions from his business in to his joint personal account the professional is depositing non-exempt money into an exempt entireties account. Is this deposit a fraudulent conversion of a non-exempt asset to an exempt account?
Most courts do not consider this common practice to be a fraudulent conversion. Fraudulent transfer law considers the context of debtors’ transfers. In
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Boston bankruptcy lawyers are often contacted to file Massachusetts bankruptcy to stop a foreclosure. Sometimes they need to file bankruptcy so that they can discharge their consumer debt, giving them the funds available to avoid foreclosure. Sometimes, our clients buy property at foreclosure sales. Today’s blog entry on http://www.bostonbankruptcylawyerblog.com/ is concerning buying foreclosed property.
In a recent case handed down by the Massachusetts Supreme Judicial Court, Massachusetts foreclosure procedures were at issue. Actually, it was the validity of the title that the buyers of foreclosed property received that was the issue. As a result, the buyer did not have legal “standing” to file the lawsuit. Without standing, your case will be dismissed. Before we discuss the case, we will try to explain standing. If you are injured as a result of a Massachusetts car accident, you have “standing” to file a lawsuit against the person who caused the collision. If you observed the accident and feel that the driver was driving too fast, you do not have “standing” because you were not injured; you don’t have a cause of action against anyone.
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I started paying taxes 12 years ago, with my first internship at the Chicago Tribune. My parents’ accountant took care of me. Since then, my wages became steadier, growing from internships to full-time jobs. After moving out to college and graduating, I used software programs to help me file federal and state taxes. I could do it anytime (without an appointment) and avoided accountant fees on a relatively simple tax return. My logic was, “I had to gather my forms anyway, so why not add a few more hours filling out the forms myself?”
Fast forward to 2011: for the first time, I’m filing while married. Do we file jointly? Separately? Also, my income situation got complicated, with four sources of income in this year alone, as I worked part-time jobs in graduate school. Only one of my income sources is a “normal” job that issues a W-2 form. On the spending side, I face new challenges, too: student loan bills, a FSA for healthcare, and donations to new charities. It’s enough
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When you hear people talking about investment, what rings in your mind is that you should work hard to earn something for future. Invests are so many. There are those that give you both mental and financial satisfaction. If you have some a good credit account you can be able to acquire a loan in any credit lending company or bank. If you have a bad and a struggling bad rated account, it will be always hard to acquire loan from any lending body. Purchasing assets or even cars becomes a struggling issue to anyone with bad rated account.
You can follow some steps to improve his credit rating for future. As a customer of any credit repair company, you should be well informed of all monthly bills that you need to pay. You should always be aware of the deadline date of these payments. You should make sure that you pay all the debts before the given deadlines. This has a great impact on the customers credit account.
You should always be aware of scam companies that promise fake promises that they will repair your bad rated account only to find that after they rip you off they do nothing to your account. Read more…
All causes of action are subject to a “statute of limitations” which refers to a time limit on lawsuits. The statute of limitations for a creditors’ fraudulent transfer actions is complicated. Most fraudulent transfer actions are subject to a four year statute of limitations (“SOL”). Creditors cannot attack transfers, or conversions, made over four years ago. Some fraudulent transfers are subject to only a one year SOL. The one year SOL applies, for example, to transfers or conversions where the debtor had actual intent to defraud creditors.
Where the creditor can show actual intent to defraud the fraudulent transfer action must be brought one year from the date of the transfer or one year from the time the transfer could reasonably have been discovered by the claimant. The one year SOL addresses transfers which the debtor makes in secret and tries to hide from creditors. A credito
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— Levi Krefft @ 7:24 pm — 
November 5, 2011