Legal Question in Bankruptcy in Arizona

Protecting Real Estate Property During Bankruptcy

If a person is planning on filing bankruptcy and before hand divests himself of real estate properties (other than his primary residence)among members of the immidate family can this protect the subject properties during the proceedings?


Asked on 2/05/00, 12:14 am

1 Answer from Attorneys
Laura Valade Attorney at Law

Re: Protecting Real Estate Property During Bankruptcy

That would be a big mistake. The trustee can reach back a full year prior to the bankruptcy filing and, additionally, has a reach back under state law. Simply put, if you transfer the property to an insider, the trustee can avoid (undo) the transfer. I recommend that you seek the advice of an attorney practicing in bankruptcy law before you create additional problems for yourself.

Warmest regards,

Laura Anne Valade, Attorney at Law

P.O. Box 1412

Oracle, AZ 85623

520-896-2122

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Answered on 2/09/00, 11:49 am


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