Steps to take to take before filing Arizona bankruptcy?

Some limited “exemption planning” is allowed in anticipation of filing. Exemption planning consists of arranging assets to fit into the allowed exemptions, thereby leaving less property to be used to satisfy creditors’ claims. This planning is completely legal if done reasonably. However, excessive transfers to create exempt assets or improper transfers to third parties: one must avoid giving away property, especially to friends or family members because it can be considered bad faith and can be grounds for denial of a discharge. The bankruptcy court will look at all transactions within a two-year period before filing. To avoid this risk, it is in your best interest to consult a competent Tucson bankruptcy attorney for advice if you are considering exemption planning.