Quote Quoting Just Breath
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Any transfers made within 90 days of filing for Ch 7 may be found as an avoidable transfer....upon a motion to the bankruptcy court by the Ch 7 trustee, the court may order that any payments or transfer of assets you made to your corporation must be repaid to the bankruptcy estate.

http://www.lawdog.com/bkrcy/bkcp7f.htm

I am sorry, I should have stated in my first post that the transfer actually was 1 year prior to the filling for bancruptcy.
So, would there be a problem if the business was acquired under a person's name, but then transfered to a corporation 1 year prior filling the bancruptcy?