Transfer of property before filing chapter 7?

[scb]

When filing for Chapter 7 in 2009, is it required to report transferring property by deed of trust to a relative in 2007?

[StartingOver08]

Yes. The look back period for property transfers is 10 years.

[jb300]

Would a property( RV we lived in) in a due to a divorce be something that has to be mentioned? This was in 2005 or early 06. He got the RV refinanced to get my name off of it so it wouldn't tie me down after the divorce. The divorce was in a community property state and we were upside down in the loan.

[Floridagail]

Just answer the questions truthfully, it will not matter that long ago. I think I remember the trustee asking me if I had tranf any property within last 2 yrs at 341. THey are looking for assets now. I did hear a man at my 341 say he sold one of his cars to family member 6months before the hearing for 1000. The trustee laughed and said why so cheap. He said well It needed repairs like crazy.

[StartingOver08]

Would a property( RV we lived in) in a due to a divorce be something that has to be mentioned? This was in 2005 or early 06. He got the RV refinanced to get my name off of it so it wouldn't tie me down after the divorce. The divorce was in a community property state and we were upside down in the loan.

An RV is not considered "real property". Real property is a legal type definition that includes land and anything permanently attached to the property.

An RV is in the vehicle catagory and the look back period for transfers of vehicles is much shorter. Not sure of the time period, but I believe it is only a year or so.

So you are fine with the RV transfer.

As to transfering a vehicle to a family member at less than fair market value (FMV) that does get the attention of the Trustee. So although the Trustee was friendly asking the question, you can bet they checked out the facts to make sure the transfer was not fraudulent. This is the type of transfer the trustees look for all day long. It is up to the debtor to show that the reduced value was because of condition etc. In other words, that the sale price DID reflect actual market value. Here in Fl the Trustee's use NADA Retail value - and we all know that is no where near actual FMV. So you have to show proof if the vehicle is worth less and not upside down. Easiest way to show proof is thru an independent appraisal.