Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.
In bankruptcy, pursuant to 11 U.S.C. 548, a fraudulent transfer is any transfer of any asset--or any interest in any asset -- 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).
Thus, it is not a good idea to transfer the property. You could be charged with fraud, which could result in criminal and civil penalties - - not to mention that your bankruptcy would likely be dismissed.
It would not be a simple exercise to say if the transfer was fraudulent that you can just undo the transfer, claim the property as homestead and continue with the bankruptcy petition
. Instead, doing this would likely result in the bankruptcy being dismissed and possibly criminal and civil charges could be filed as a result.