Bankruptcy Mistakes to Avoid: Failure to Reveal Property Transfers

Transfers of property prior to filing can create significant problems in your bankruptcy case. Property transfers that cause the most trouble involve real estate, motor vehicles, jewelry and other valuable assets.
The bankruptcy law requires you to reveal on your bankruptcy schedules all transfers of property made within two years of your Chapter 7 or Chapter 13 property. Your bankruptcy trustee may ask you about transfers made more than two years ago.
Even if the transfer you made was done for a legitimate purpose like a mortgage refinance, estate planning or even pursuant to a divorce, you have to reveal the existence of the transfer on your bankruptcy schedules.
Trustees in both Chapter 7 and Chapter 13 will review county property records to find transfers and you can lose valuable rights if the trustee can convince the bankruptcy judge that your failure to list a transfer was done in bad faith.
Your lawyer can advise you if a property transfer will create bankruptcy problems but only if your lawyer knows about the transaction. Never assume that any changes to your financial profile are not relevant or “not important.” #propertytransferspriortobankruptcy #fraudulenttransfers #objectiontobankruptcydischarge #chapter7trustee #chapter13trustee #atlantabankruptcyattorney
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[@judypolstra]

EXCELLENT info as always.

[@ladye6448]

So happy i found your both your channels 🙌🎈

[@dogsareme100]

How long is the look back? In other words, if someone transferred property say 10 years ago does that matter?

[@atlantabankruptcy]

It will depend by state. My guess is that 10 years is probably safe in most circumstances.

[@alphamasterjames1667]

I think trustees are way too nosy for their own good