Myth: In order to keep my car and other favorite items, I should transfer them to a family member or friend
Not only is it NOT true that you need to transfer your property to a family member or close friend in order to keep those items, it is illegal to do so. Under Illinois law, transferring property to anyone, for less than full and fair consideration, and especially to a family member or close friend, is a fraudulent transfer subject to being reversed by a Court. Particularly in the context of a bankruptcy, such transfers not only can but will be undone and may subject you to severe sanctions including dismissal of your case, denial of a discharge of your debt and the possibility of prison time.
