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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If i file bankruptcy i understand that i have to show all transfers

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If i file bankruptcy i understand that i have to show all transfers of money and purchases of $700 and above. What is the timeframe for this? i can't remember if it's 3 months or 6 months before filing.
I also was told that since my debt is corporate debt that i cosigned the means test would not apply. Is this accurate?
My personal debt is less than 5% of the total owed and i will probably reaffirm this debt.

cfortunato :

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

cfortunato :

Incurring more than $600 worth of debt for consumer luxury goods and/or services with any one creditor within the 90 days before filing result in debts that are deemed to be non-dischargeable.

cfortunato :

The 'lookback' period for the transfer of assets is 2 years.

cfortunato :

(The transfer of assets include the transfer of money.)

cfortunato :

Yes - it is correct that is te majority of your debt is business (non-personal) debt, then there is no need to pass the Means Test.

Customer:

Thanks. i logged in with another browser.The only transfer i am going to make is putting money into my 401k. i didn't repay a loan i made several years ago and haven't been able to contribute as a result. i am therefore going to pay back the loan and i am allowed to pay in an additional 5500 as a catchup. i think 401k isn't a debt that they can attach. is that correct?

cfortunato :

Yes - 401K account are absolutely exempt (protected) from the Bankruptcy estate.

cfortunato :

Putting money into or back into a 401K account is not considered to be a transfer.

cfortunato :

Transfers are from the debtor to someone else.

Customer:

thanks. i logged in with another browser. the only transfer of assets i am going to do is repay my 401k loan which was taken out several years ago and a catch up amount to the 401k of 5500. i think this is something that bankruptcy can't touch. i got some winnings from a casino which i am going to use for this. first i am going to loan it to my existing business and then take it out and put into the 401k. the company that i have my debt from is my husband's business that he lost through a messy foreclosure with an unethical hedge fund. i was a minority shareholder that signed the loans.

cfortunato :

Once the money is in your 401K, it will be protected.

cfortunato and other Bankruptcy Law Specialists are ready to help you