One of the issues that bankruptcy filers must be aware of is transferring property out of their name into somebody else’s name in the four years before filing if you live in the State of Connecticut. Included in the definition of “transfer” is paying for a child’s college, either directly or by taking out a parent plus loan and then paying. The Trustee overseeing the case can go to the college and take the money back, creating problems for the child and the debtor. A recent change in Connecticut law has reduced this down to two years for payments to a child’s college, thus carving an exception to the normal four year period. If you have any questions about bankruptcy, please feel free to contact Attorney Mark O. Grater at 860-449-8059 or check his web cite at www.graterlaw.com. Located in Groton, Ct.
Bankruptcy Law Change-Student Loans October 13, 2017
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