![]() In the examples above, the asset transferred can be recovered by the bankruptcy trustee, and considered a part of the bankruptcy estate to be used for the benefit of the creditors of the debtor to the amount that its value exceeds the allowed exemptions. This can be remedied by transferring the deed back into their name prior to filing for bankruptcy. If this is done and bankruptcy is filed, it can be devastating to the debtors as they will not be able to exempt the home if there is any equity in it, as they would if it were still in their names and was their homestead.
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