Speak with bankruptcy attorney first. Most people are unfamiliar with the bankruptcy process. They know it can help eliminate debts but are not sure of the impact of owning assets. As a result, sometimes before going to see the bankruptcy lawyer the individual will transfer a vehicle into a relatives name or repay the relative with money received from a tax refund before seeing the lawyer. It is a mistake. First, any such transfers or payments must be reflected on the bankruptcy schedules. In addition in most instances the individuals could have filed bankruptcy and used exemptions to protect the assets. However, if they transfer the item or make the payment the trustee can overturn the transfer or payment and use it to pay your creditors. And even if you have exemptions available, since you voluntarily gave away an asset when the asset is brought back you cannot exempt it. So talk with bankruptcy attorney first if you are thinking about filing bankruptcy.