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Roger
Roger, Attorney
Category: Bankruptcy Law
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I find myself in alot of credit card debt. My parents did

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I find myself in alot of credit card debt. My parents did deed me a parcel of property several years ago. How long would that property have to be out of my name if it comes to me having to file bankruptcy? I am from the state of Indiana.
In bankruptcy, pursuant to 11 U.S.C. §548 (section 548 of the Bankruptcy Code), a fraudulent transfer is any transfer of any asset--or any interest in any asset (such as part ownership in a home)-- made within two (2) years prior to filing the bankruptcy case and in which either of the following are true: A. The transfer was made with actual intent to hinder, delay, or defraud any entity to which the debtor was or later became indebted to; OR B. the debtor received less than reasonably equivalent value for the exchange AND was insolvent on the date the transfer was made (or became insolvent as a result of the transfer). There are actual several other bases for the transfer to be considered fraudulent, but these are the most common.
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