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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Is moving properties into a trust a good way to reduce assets

Customer Question

Is moving properties into a trust a good way to reduce assets in preparing fore a bankruptcy? How long does this normally take?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

Hi JACustomer,

Moving assets into a trust is generally not a good way to reduce one's assets before filing a Bankruptcy, as the entire trust can become property of the Bankruptcy estate if the transfer occurs less than 2 years before the Bankruptcy is filed. Bankruptcy Stat. 548(a)(1).

 

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