Will property transfers effect BK

[Locknload]

Will someone give me a breakdown on property transfers. We are researching our options of bankruptcy. We have CC and Lines of Credit Debt from a vacant and raw land business. That's all we would sell. How does this effect BK? All transfer of titles were made in the business name. The CC and Lines are also in the business name but guaranteed by us. The business is registered as a S Corp. All of our numbers have been negative for about 16 months. Savings are gone and the few properties we have left are not worth our monthly debt.

[lrprn]

Your situation is a complicated one that requires expert legal help from a bk attorney who is very familiar with business and real estate issues when filing bankruptcy to help you sort out what to expect if you file bk. You may need to meet with a real estate attorney as well.

Have you set up at least 3-4 free initial consultations with experienced bk lawyers who have experience filing with a business and property involved in your area? That's where I would start to get the most reliable information about your unique situation.

Keep us posted about what you find out.

[AngelinaCatHub]

Not being a land lawyer I'll give you my best take: Generally speaking you do not want to transfer anything at this time. This could look like hiding assets and that would be fraud.

However, if this is your business, and is not out of your norm (except business is slow or stopped) if you were to sell one, the profit is your income and you are free to spend it (on exempt necessities). Do you own the properties outright? Do you owe more than they are worth or could sell for? Depending on their condition, if you do not sell them (as you would in a normal business routine) and they are then your asset if they are of value, the Trustee may take them to distribute. If they are not worth much, he may abandon them as to much trouble to deal with. If you have a mortgage or "floor plan" on them, you can default and let them be repossessed. It all depends on your condition.

'Hub

[StartingOver08]

The look back period on real estate transfers is up to ten years. In the case of a 'normal' BK, the Trustee rarely goes back more than 4 yrs for real estate purchases and sales. However, since land sales appears to be your business, it is very likely the Trustee will want to see all of your purchases and all of your sales for the past ten years. Mine did. Documentation is key here. In my case the TT wanted to see closing statements for each purchase and sale.

You will need to supply your S corp info too - the tax returns, bank statements, P&L's etc. Your S corp is an asset of yours. An experienced BK attorney, not a mill type attorney, will be your best asset in any BK you decide to file.

[Locknload]

Thank you for all your responces. It is much appricated.