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Purchase Time before Bankrupt

I was wondering if there was a purchase time where the purchase would not be admissible in the bankruptcy?

For example, 6 Months before the bankruptcy (which was unplanned) a purchase of a 1000$ item was made. Would this item be entered into the bankruptcy or because it is so close together would not be eligible?

What is the time limit?

Thanks!

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One Response to “Purchase Time before Bankrupt”

A licensed trustee said...

The purpose of this site is not to provide “how to” advice on the timing of your bankruptcy vis-avos your purchases.

Any financial transaction that you enter into in the 3 months immediately preceeding the date that you file for bankruptcy is reveiwable by your trustee. In addition, if the transaction was with a related party the time limit is extended to 12 months.

If you make a purchase outside that time frame, but someone can prove that you did it with the intent of not paying for the item (by filing bankruptcy later) you may be held responsible to repay the debt anyway.

Once you have decided to file an assignment in bankruptcy, you should review your purchase history with your trustee to determine if any of them may get you into trouble.