It doesn't matter whether the bankruptcy petition was made by the bank or by the person. The bankrupt will still need to swear in his statement of affairs that he did transfer a landed property 24 months prior to the date of petition. You do it at your own risk. Further, there is absolutely nothing to stop creditors from pursuing the issue if they feel that there was a conspiracy to defraud them by some clever design (like you described).
Hope that inspires.
"Two wrongs don't make a right, but three rights make a left"