Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Unfortuately it appears that the trustee may be able to void the transfer or otherwise collect the difference in value from you. The reason is that the transfer appears to be a "fraudulent conveyance" even if no fraud in the conventional sense existed.
A transfer of the debtor’s assets to a third party, for less than a reasonably equivalent value in exchange for such transfer, is considered to be a “fraudulent conveyance”. Bankruptcy Code §548 provides for the avoidance of fraudulent transfers within two years before the bankruptcy filing date. Transfers to self settled trusts and similar devices are subject to a longer avoidance reach back (10 years). Bankruptcy Code §548 is attached in full to the end of this post.
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