If you're talking about transferring title to the property without receiving reasonably equivalent value for the transfer, and you are transferring at a time when you are financially insolvent and owe debts, then that is the textbook definition of a fraudulent transfer. The statute of limitations for bringing a fraudulent transfer action varies state by state, and I have no idea what it is in Arkansas. Most states are between 4 and 8 years. So, to answer your question, you would need to wait at least that long after the transfer is recorded before filing a bankruptcy case if you want to avoid the Trustee from being able to sue the recipient (transferee) for the value transferred, as well as possibly seek a denial of your discharge on bad faith grounds.
Understand, however, that this is not just a bankruptcy issue. If you engage in such a transfer, your existing creditors can sue up until the statute of limitations expires in state court (up until you file a bankruptcy case).
Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of CaliforniaHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter: @bklawr
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