Giving a gift, including selling for much less than an asset is worth, may be a fraudulent transfer--treated as hiding assets from creditors.
Sometimes in bankruptcy doing the honestly right thing can cause you major problems. Making preference payments is a good example of this.
If you are the beneficiary in a spendthrift trust, most likely a bankruptcy trustee can't touch whatever property is in that trust.
Besides your creditors, the main person you need to be careful about in a "straight bankruptcy" Chapter 7 case is the trustee. Who's that?
Charitable donations made during the two years before filing bankruptcy may fall within a safe haven of not being fraudulent transfers.
Prevent your trustee from giving you a big headache if you paid a debt to a friend or relative during the year before filing bankruptcy.
Your trustee might be able to require a creditor to pay the trustee money you'd paid the creditor. Sometimes that's good; sometimes not.
Your bankruptcy case makes more sense if you know the roles of the people involved, including the judge and the various trustees.
Beyond considering whether your assets have net value on the date of filing, do they generate rents, profits, or proceeds afterwards?
Bankruptcy is a lot easier to understand and much more comfortable to go through when you know who's who.
If you have debts from a closed or about-to-close business, you may be excused from the "means test" and can qualify for Chapter 7.
Most people who file a Chapter 7 "liquidation" case don't have anything liquidated because everything they own is protected.
You don't like the idea of disclosing your financial life to the bankruptcy court. Can't it be done with some privacy?
In Chapter 13 the trustee is a gate-keeper, overseer, and payment distributor. Quite different than in Chapter 7.
In bankruptcy you hear a lot about "the trustee." What does this person do, in a "straight" Chapter 7 case, and in an "adjustment of debts" Chapter 13 one?