The Uniform Fraudulent Transfer Act (UFTA), adopted by Illinois, most other American states and the District of Columbia, protects creditors from the unscrupulous transfer of assets. In practical terms, it means that if you have a claim against another person, that debtor can’t divest himself of assets to frustrate your attempts to collect. At Schwartz & Kanyock, LLC in Chicago, our attorneys are authorities on UFTA. We have more than 50 years of combined litigation experience; much of which involves what to do before and after the judgment to turn a court order into actual cash. Our particular knowledge of procedure and substantive law allows us to take decisive steps to trace fraudulent transfers and attach assets to satisfy judgments.
In states that have adopted UFTA, there are elements of a case an attorney must prove to unwind and transfer and claim assets to satisfy a debt. These elements may include:
The statute of limitations for actions under UFTA may varies from state to state. In Illinois, the statute of limitations is typically four years, although “insider preference” claims have a one-year statute of limitations.
Fraudulent transfers can be traced and assets seized to satisfy debts. Let Schwartz & Kanyock, LLC help you locate the funds necessary to settle your claim or court judgment. Call us today at 312-436-1442 or contact our Chicago office today.