HOW LONG DO I HAVE TO WAIT TO FILE BANKRUPTCY ONCE I PUT MY REAL PROPERTY INTO A CORPORATION?

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HOW LONG DO I HAVE TO WAIT TO FILE BANKRUPTCY ONCE I PUT MY REAL PROPERTY INTO A CORPORATION?

Asked on January 3, 2011 under Bankruptcy Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What I think that you are asking is how to hide your assets from creditors before you file for bankruptcy and that is really not something that an attorney can ethically tell you to do.  It would be defrauding creditors and it could get an attorney disbarred.  No attorney would be willing to place their license up for grabs in that way. 

What we can tell you is that a bankruptcy trustee can set aside transfers under the bankruptcy code.  Under Section 544 (b) of the United States Bankruptcy code, the trustee has the power to undo or nullify the debtor’s transactions or obligations based on state laws. The trustee can set aside transfers which violate state laws or are unfair to the creditors.  The trustee will generally exercise the voidance power to set aside transfers made by the debtor with the intention to defeat a creditor's attempts to recover it’s debts. Voidance power lets the trustee step into the shoes of an unsecured creditor. The trustee can void those transfers which are voidable by unsecured creditors.  Transfers made within 90 days of filing are generally subject to voidance.  Good luck.


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