Bankruptcy: Sell assets to help family member?
What hapens if the person who is about to file for chapter 7 bankruptcy needs to sell an asset (car, boat, etc) in order to help relative, or family member who has terminal disease and requires financial help for treatment, surgery, etc.? Will the trustees still want to recover that money? Even if it’s under K and will be spent for such a cause?
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Sorry for your predicament. The BK trustee may seek to recover payments made within 90 days (of filing BK) to any 3rd party and 1 year to "insiders" (i.e., family members).
The best thing for you to do is to make sure you know what assets are exempt (the ones you get to keep) and what assets are not exempt (the ones that will be distributed into the BK estate). Convert non-exempt assets to exempt assets whereever possible.
Assist the family member using non-exempt assets, and hope that the BK trustee does not chase it down.