Can I sell my assets while being sued?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I sell my assets while being sued?
Can I sell my assets while being sued? I’m running out of cash for living and
attorney fees.
Asked on February 16, 2018 under Business Law, Alaska
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, so long as your sell them "fair market value"--i.e., for what they are in fact worth. In that instance, you are simply exchanging the asset for an equivalent amount of cash.
But if you sell them for less than their fair value, especially to a family member or friend, the transaction may be seen as not a legitimate sale, but a transaction to hide your asset from creditors and could be invalidated by the court.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.