Such transfers are not effective to
put your assets beyond the reach of creditors and bankruptcy trustees.
Worse, such action may lead to the denial of your discharge (11
A bankruptcy trustee can recover assets transferred within one
year of the bankruptcy filing where the debtor did not get reasonably equivalent value for
the asset, or where the transfer was made with intent to hinder creditors.
"look back" period may be even longer under the law of your state, giving the
trustee that same state law look back period in which to recover assets.
If you have more assets than you can protect with the available exemptions,
consider filing Chapter 13 where the debtor generally keeps all of their
property and "buys back" the non exempt value from the creditors
through payments to the Chapter 13 trustee out of future income .
innocent transfer without consideration can cause serious trouble.