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Prudent Planning Or Fraudulent Transfer? The Use Of Nonexempt Assets To Purchase Or Improve Exempt Property On The Eve Of Bankruptcy, Alan N. Resnick
Prudent Planning Or Fraudulent Transfer? The Use Of Nonexempt Assets To Purchase Or Improve Exempt Property On The Eve Of Bankruptcy, Alan N. Resnick
Hofstra Law Faculty Scholarship
The debt collection process in Anglo-American law is based on the creditor's right to receive payment from liquidation of the debtor's assets. Judicial procedures are available to the unsecured creditor for the purpose of converting the debtor's assets to cash. Whenever the debtor's matured liabilities are greater than his assets, the collection process may be characterized as one of "grab law" in which the first creditors to take the debtor's assets succeed in effectuating collection.
It is an economic necessity for creditors to have an efficient collection mechanism which gives them maximum protection in the event of default by the …