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How To Decide Whether And When To File For Bankruptcy

Can't I Just Transfer My Property To Someone Else Before I File For Bankruptcy?

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NO! Property that you transfer can get pulled back into what's called your "bankruptcy estate." In addition, such actions might in themselves cause your bankruptcy to be disqualified and you to be prosecuted criminally for fraud.

Under the federal law, the look back period to determine whether you transferred any property for less than fair value is one year prior to filing bankruptcy. The Bankruptcy code lets a bankruptcy trustee use state statutes in this circumstance which could include a longer look back period. For instance, in Pennsylvania the look back period is four years.

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