Our personal home is in foreclosure, if we apply for a LLC license and add the LLC license to our rental property during a bankruptcy will we be forced to sell the rental property?
The bankruptcy look-back period looks at (and will "unwind") transfers within the past year for which the debtor did not receive FMV.
Xferring your personal home into a LLC would be one of those transactions that would be "unwound" by the bankruptcy Trustee — and if it looked like a deliberate attempt to hide assets you could be prosecuted for bankruptcy fraud.
