PA. has a "Strong Arm" Clause in conjuction with the fraudlent conveyance statutes. This gives the trustee almost unlimited powers in recovering assets (up to one year before bk filing)that have been transferred fraudulently. The penalties are the dismissal with prejudice of the bankruptcy, and/or the immediate liquidation of nonexempt assets, property including forced sales, etc. Attempting to "hide" nonexempt asssets from creditors is never advisable and can create serious legal repercussions.
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
No.
No, you are not. When someone files bankruptcy the title to their property is held by the trustee in bankruptcy. The bankrupt cannot sell any property therefore, if they do, the title is not clear. You may lose the property to the creditors if someone tracks it down. You would then be out of the property and any money you paid for it.
It depends on the specific circumstances of your bankruptcy case and the laws in your jurisdiction. In some cases, lawsuit settlements may be considered part of the bankruptcy estate and subject to distribution to creditors. It's best to consult with a bankruptcy attorney for guidance tailored to your situation.
hide the assets then file.
What could you possibly be asking? If the asset was sold during bankruptcy to pay creditors and your debts, its gone. Owned by someone else. That's how your debts get paid. Your assets are used. If there aren't enough assets to liquidate and pay your debts, some of the debts may be forgiven. But not always. Under any circumstances, to get a title to something owned by someone else, you buy it from them. Bankruptcy does not get you things.
Actually, the laws have changed a bit since the 2005 Bankruptcy law was signed. Instead of the "yard sale" way of valuing your assets, you now have to value your assets at the amount it would cost to replace them today with items in exactly the same condition. For more information, see Findlaw's excellent sections on bankruptcy and the changes from the 2005 law. http://bankruptcy.findlaw.com/bankruptcy/bankruptcy-basics/bankruptcy-overview-overview(3).html#8B5C102F-3D8A-4836-A2A3D553A00E015E
Yes.
Yes. Consult a knowledgeable bankruptcy attorney.
creditors
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.