Im in Virginia and I transferred real estate to my son; one year ago. How long do I have to wait before I can file bankruptcy?

The amount of years that a US bankruptcy trustee can look back is six years. Although different transactions are looked at differently within those six years. If you sold all home at fair market value to someone you did not know and paid off all debts associated with at home, the most likely the bankruptcy trustee would never even consider this. In your situation you gave property to a child. This is basically handing a piece of property over to a family member so it will not get taken when you file bankruptcy, or at least that is the way the bankruptcy trustee is going to look at it and they will go back and they will undo that transaction and most likely sell off your property. Unless your son took out a mortgage and pay fair market value for the property, then that case they won't touch it. But in most transaction such as this it's usually a gift and also usually in anticipation of filing bankruptcy in the future. This is the reason the bankruptcy courts allow the US bankruptcy trustee six years to look back, as they consider this a fraudulent transaction, regardless of what your intent was when you gave the property away, as you could've just sold it and paid off some of your debts. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob