Property

January 8th, 2009 by Questions

If I transfer property into a family members name before I file for bankruptcy…can it be touched? and if so, what is the timeframe?

Posted from: British Columbia

Questions

One Response to “Property”


January 09, 2009 at 10:57 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This is not a good idea as it will likely cause both you and your brother significant difficulties and potentially could result in you not being eligible to be discharged from the bankruptcy and therefore not cleared from your debts. As for the time frame this can go back as far a 5 years prior to filing depending on the circumstances.

Be advised that trying to plan your bankruptcy in an attempt to maximize your position to the detriment of your creditors is very dangerous and will result in a very difficult bankruptcy. The penalties for doing this type of thing are significant and I strongly advise you leave things as they are currently, it will make your life a lot easier in the long run.

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