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Anthony had been in debt for some time and was afraid of losing his home. In July, he sold his home to his son Richard
Anthony had been in debt for some time and was afraid of losing his home. In July, he sold his home to his son Richard for $ to avoid losing the house but continued to live in the home as the primary resident. Richard, in fact lived about miles away and did not charge is father any rent. In December of the same year of selling his house, Anthony filed bankruptcy and did not list the house as an asset claiming it belonged to his son Richard who was letting him live there at no charge. How would the courts view this transaction?
a The house would not be included as an asset because the sale was a valid transfer.
b The house would not be included as an asset because the sale was a preferential transfer.
c The house would be included as an asset because Anthony lives there, even if he does not own the home.
d The house would be included as an asset because the sale was fraudulent transfer.
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