Should I transfer real estate before filing for bankruptcy?

Although transferring ownership to your spouse or child may sound like a good idea, you should be extremely careful before transferring real estate or other property just prior to filing for Bankruptcy. This is because it may be considered a fraudulent conveyance. The federal bankruptcy Trustee will review your bankruptcy petition as well as any real estate transfers. All deeds in Massachusetts are located at The Registry of Deeds and are public record and therefore it is easy to catch real estate fraud. Furthermore, it will likely be unnecessary because you can exempt your house under both federal and state laws when filing for bankruptcy.