My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights in Maryland, Delaware, Pennsylvania, and Virginia. Today I want to answer the question, should
I file my bankruptcy case now or should I wait? Now, there’s a lot of answers to that question. Right now I want to deal with one, which is
let’s say you’ve made a transfer to a family member or friend or to a business and you
didn’t get anything back. You just wanted to retitle it, or maybe you
wanted to put it in somebody else’s name because you are a little nervous about what’s going
to happen with your creditors. Well, you’re going to have to wait 3 years
from the date of that transfer until you file your bankruptcy case. That’s because trustees can look back at all
of the transfers you’ve made during the 3 years before bankruptcy to determine if the
trustee can sue the recipient of that transfer in order to get it back and use it to pay
creditors. So sometimes when you are getting ready to
decide what you want to do about your debt and you think that it makes sense to either
transfer an asset out of your name, be prepared. You are going to have to wait 3 years before
you file your bankruptcy case, and if a creditor or a group of creditors are able to force
you into an involuntary case then your planning will be for naught because the trustee in
that case is going to be able to get that transfer back if the Chapter 7 case sticks. My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights. If you have a question on how long you need
to wait before you file bankruptcy, please pick up the phone and call me. I would love to hear from you.