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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I plan to file for bankruptcy in 6 months. Can I transfer

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I plan to file for bankruptcy in 6 months. Can I transfer non-exempt property (firearms and wedding rings) to my mother to repay a loan to her for down payment on a home I purchased previously? I want to transfer this property sooner than 120 days before I file bankruptcy so I shouldn't have to show it when I submit my Statement of Financial Affairs on Form B7 under Paragraph 6, Assignments and Receiverships. Is my interpretation correct since she is a preferred insider creditor?

Do trustees have the ability to see what firearms I have previously purchased through the background checks I had to complete? Thanks.


cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

The Statement of Financial Affairs paragraph that would apply to this type of transfer (firearms and wedding ring to your mother) is 3.C. - not 6.

cfortunato :

If such a transfer is made less than one year before a Bankruptcy is filed, that transfer would belong on paragraph 3.C. of the SOFA.

cfortunato :

Although possible to do so, it is unlikely that a Bankruptcy trustee would try to find out about other firearms you may have purchased. This is because unless the trustee has reason to believe that you have lied on the Bankruptcy petition, trustees usually do not investigate or try to verify the information you have provided on the Bankruptcy petition - as you will be swearing under oath that what the information you provided is true.

I think this is what you wanted to know. If not, please let me know.

Thank you.

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