If you’re filing for Chapter 7 or Chapter 13 bankruptcy, the law does allow the transfer of small customary gifts to family members within one year before filing for bankruptcy. A small customary gift is usually defined as a gift with a value of less than $200. For example, giving your mother a $300,000 house for Christmas would not fall under the “small customary gift” definition; but if you gave your granddaughter a $150 doll house, this gift would probably fall under the $200 value according to the bankruptcy law.

Before you transfer or give anything of value to someone before filing for bankruptcy speak with you Dallas-Fort Worth bankruptcy attorney first. Any property transferred to another person within one (1) year of filing for bankruptcy can be subject seizure by the courts to repay your creditors.