WHAT IS TIME FRAME IN FLORIDA TO FILE CHAPTER 7 AFTER TRANSFERRING PROPERTY

Asked over 3 years ago - Panama City, FL

DUE TO MY HEALTH AND LOSS OF INCOME, I HAD TO TRANSER LAND TO RELATIVES FOR COMPENSATION TO CONTINUE IN BUSINESS. SOME SAY FIVE YR, SOME 2 YR, SOME SAY THAT BEING I RECIEVED COMPENSATION , I CAN FILE NOW

Attorney answers (3)

  1. Lewis Matthew Roberts

    Contributor Level 16

    Answered . Usually 2 years.

    But depending on the value of the property, and if there are any loans encumbering the property, it might be a transfer that the trustee would not be interested in pursuing.

  2. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . The transfer of real property can be cansidered fradulent for upt o ten years before you file bankruptcy, especially to insiders. Have the transfers reviewed by a lawyer who files bankruptcies to determine if there will be issues.

    REQUEST: Please give this answer a "thumbs up"(below) if you find it valuable.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.

  3. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . There isn't anything in Bankruptcy law or State law that prevents you from filing bankruptcy after transferring property. It is just that the Court will have questions about whether the transfer was made for the purpose of cheating your creditors or because you needed money to pay your living expenses.

    How far back the Court will look is a discretionary decision made by the Trustee assigned to your case. So sorry, the reason you get so many answers is that every Trustee handles their cases differently.

    Unless the Trustee finds that you gave up the property to relatives for an outrageously low amount, you probably will not have a problem.

    Hope this perspective helps.

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