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Refinancing before declaring bankruptcy

If planning to go Bankrupt is it ok to refinance a house before doing so without taking out extra money, just a straight transfer of mortgage from one bank to another?

Posted from: Nova Scotia

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One Response to “Refinancing before declaring bankruptcy”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

Such refinancing transactions suggest you may be giving a preference to a creditor by turning unsecured debt into secured debt; such a transaction is voidable in bankruptcy. While nothing prevents you from doing such a transfer, a subsequent bankruptcy could create complications.