Asked by Detonia Douglas on May 29, 2024
Verified
A bankruptcy trustee can avoid fraudulent transfers or obligations if they were made within _____of the filing of the petition.
A) two years
B) five years
C) ten years
D) twelve years
Fraudulent Transfers
Transactions made with the intention of evading creditors by moving assets out of their reach.
Bankruptcy Trustee
An individual appointed by a bankruptcy court to oversee and administer a debtor's estate during the bankruptcy process.
Filing
The act of officially submitting documents or records to a court or administrative agency.
- Familiarize oneself with the roles and responsibilities of a bankruptcy trustee, especially in the context of preventing fraudulent transactions.
Verified Answer
JN
jindar numanJun 04, 2024
Final Answer :
A
Explanation :
Under the U.S. Bankruptcy Code, a bankruptcy trustee can avoid fraudulent transfers or obligations if they were made within two years of the filing of the petition. This is designed to prevent debtors from unfairly disposing of assets before filing for bankruptcy.
Learning Objectives
- Familiarize oneself with the roles and responsibilities of a bankruptcy trustee, especially in the context of preventing fraudulent transactions.