We made a gift of real estate to a family member this year. We are facing Chapter 7 bankruptcy but want to protect the intent of this gift. How long must we wait to file bankruptcy after the date of the gift?
This could be a fraudulent transfer under 95.240, which provides in part:
(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor becomes insolvent as a result of the transfer or obligation.
There is a time limit as to how far the creditor (or the bankruptcy trustee, in the shoes of the creditor) may look back, and all of this may be modified somewhat by the effect of the federal bankruptcy laws.
You will need a bankruptcy attorney anyway, so I suggest you discuss this and get a definitive opinion.