10 Year Lookback Explanation?

[ccmisery]

I am going through a large packet of paperwork and forms provided by my Lawyer and I came across one question that looks back 10 years at property transfers.

I did sell/transfer some property to a family member 8 years ago or so which they paid me the value of, I then used this money to pay off my debts at the time even though I ended up going back in the hole again. It was a fair amount of money.

The thing that concerns me is, I no longer have statements or proof of the money being spent on paying off the debt, no bank statements going back that far or credit card statements. Most if not all of my creditors only offer up to 2 years of online statements, I keep the paper ones for a while but not 8 years.

I would think that record of this would be with the creditors themselves, since the accounts have been opened for a long time.

Anyone have any experience with this?

[keepsmiling]

I am sure smarter heads than mine will come along but I can't believe you will have a problem here.
8 years seems like way too long to preplan a bk. You paid your creditors with proceeds. Nothing fraudulent. So you should be ok.
As to keeping statements eight years... I am sure you aren't expected to. That just wouldn't be reasonable. Even hoarders like me throw stuff like that out eventually

[despritfreya]

The attny is using a 10 year window because transfers to self-settled trusts to which the debtor is a beneficiary going back ten years must be disclosed (question 10b of the Statement of Financial Affairs). For all other transfers the disclosure covers two years (question 10a of SOFA) but a Trustee can go back at least 4 depending upon state law. Assuming you have not transferred property to a trust, transfers beyond 4 years are most likely not going to be relevant and your lack of records is not going to be an issue. Just fill out the paperwork as best you can.

Des.

[tobee43]

we had to disclosed such a property, and did not affect our bk outcome at all.