Possible future bankruptcy

What is the name of your state? AZ

I am currently being sued. If I lose, I may be forced to file ch. 7. I currently have assets, and my current debts include 1. student loans, 2. 1st and 2nd home mortgage, and 3. personal loans (in writing) from family for my education. If I file for bankruptcy, the only dischargable debt would be the lawsuit. I have several questions:

1. Will it be suspicious if I use my current assets to pay off student loans? I do not know if I am within one year of filing or not.

2. Can I pay down some of the family debt for my education or might this be voidable? Again, I do not know if I am within one year of filing or not.


3. If I have assets left over after paying off student loans (not family), should I pay off 2nd mortgage or can I pay family debt?

4. I will be receiving a large bonus from work in the next few weeks. If I endorse the check over to family to pay family debt without ever depositing into my bank account, will the bankruptcy court or anyone else ever know that it existed? It may not appear on year-end W-2 or other tax info.

5. If I am greater than one year away from filing, is it even relevant what I do with my assets, or are any transfers still avoidable because I am being sued?

Any assistance would be hugely appreciated!!!

Thanks!

1,2,3, If you are insolvent or the transaction make you insolvent; the trustee can undo the transaction (no time limit).

The 90 days and one year to insiders is a shift of burden to prove insolvent (you are presumed to insolvent).

[url]http://www.lawdog.com/bkrcy/lib2a9.htm[/url]

4. Is fraud; very easy to catch, trustee may see it on w-2, paystubs, or 1040.

5. Do what you can, yes it relevant, you will have disclose in your financial affairs statement.