Granite Bay, CA Bankruptcy Law Firms & Lawyers

Transferring property to avoid losing it in bankruptcy or to creditors who are suing you or going to sue you in state courts are fraudulent transfers and can be set aside in bankruptcy by the trustee. In if you do not disclose the transfers of property then you could be acused of bankruptcy fraud and/or perjury. If you cannot exempt the undeveloped property in the bankruptcy case then you might lose it in bankruptcy. The trustee would be able to take it from you and sell it to pay creditors in a Chapter 7. In a Chapter 13 you would need to pay the unexempted value of the property (equity) in the Chapter 13 plan if you want to keep the property. You need to discuss the situation with a bankruptcy attorney to make sure that you can exempt and protect the property before filing.

Yes, but since you filed bankruptcy, there is a form you can file with your tax return indicating you filed Bankruptcy. I would contact a CPA and have them do your return so you can make sure the proper forms are sent in with your return.