Terrance evans was preparing to file for bankruptcy

Reference no: EM132264910

Terrance Evans (TE) was preparing to file for bankruptcy. He just had a few loose ends to tie up first. He paid (a) his electric bill ($150), (b) his water bill ($80), and (c) the loan he borrowed from his mother ten years ago ($1500). He also gave (d) his father another $8000 and (e) his brother $6500 (since the money should really stay in the family). This would ensure that there was only around $500 left to pay out creditors with debts totaling $192,000. One week later, after Terrance had filed for bankruptcy, the trustee found out about the payments. For each of the transfers listed above (a) – (e) please answer whether the trustee could void the transfer and if Terrance could face any further legal issues regarding that transfer. Make sure your answers apply the facts stated in this question to the law in your textbook to reach your answer.

Reference no: EM132264910

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