URGENT-Need advice as to sale of property prior to filing BK

[LeoInDenver]

I live in Denver. I own a home (primary residence) worth $250k. I owe $320k on it. I also own a rental condo worth $70k. I owe $25k on it. I want to sell the condo as a quick sale for $65k. Then use the $40k cash from the condo and put it as a down payment on a new house that I would buy for $275k. I owe about $30k in CCs in addition to the $320k on the house. I want to rid myself of the old house and the CCs. What would be the ramifications of selling the condo, buying another house and filing BK immediately afterwards?

Also, can I sell the condo to a family member for $65k or would it be scrutinized more since it was sold to a family member?

Would the $40k down payment be exempt since the new house would now be our primary residence?

Any advice would be greatly appreciated.

[HHM]

You better have an iron clad appraisal on the condo, and it would be better that you didn't sell to a family memember. However, your running up against the clock here...can you complete all these transactions before October 17 when the new bk law takes effect.

However, I still think it will be problematic because you are abadoning one home in favor of another to avoid the debt (which could be considered fraud). This is something you need to see a lawyer about. Personally, I think you plan will cause problems, but I don't know for certain.

Incidently what happened in the real estate market in Denver that you could get a total of $320K in debt on a house worth only $250K

[LeoInDenver]

Consolidation

We kept consolidating CC debt over the years via a 125% 2nd mortgage. Not all of Denver has gone down, but we are in a suburb and our neighboorhood values have dropped about $30k in the last 2 years. House are on the market for a year and still not selling. I see the value dropping even more over the next year. That is why we want to get out now before Oct. 17. I was going to use the story that we had a renter lined up for our current house, that is why we sold the condo to use as a down payment on the new house. Then the renter backed out, and now we are stuck with 2 house payments and no renter. Thus filing BK before Oct. 17.