Q: I have some assets left but need to file for bankruptcy. Can I gift them to my kids to "hide" them so they aren't taken?
A: No, you should not. Speak with a bankruptcy attorney and see how to best use the exemptions allowed in your state or under the federal scheme
A: Of course you can, but if it is discovered the bankruptcy trustee will likely sue your children to recover the assets. Then the trustee can object to you receiving a discharge of all of your debts. Then if a criminal referral is made, you could find yourself going to federal prison for bankruptcy fraud, and perjury if you did not disclose it. In short, it is just not worth it to try to hide assets from a bankruptcy trustee.
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