If you owe “priority” debts like income taxes and/or support payments, you may be able to pay no more while protecting a transferee.
Charitable donations made during the two years before filing bankruptcy may fall within a safe haven of not being fraudulent transfers.
Selling or giving away something to prevent your creditors from getting it may make a certain amount of sense but could be very dangerous.
Gift-giving, or selling for much less than actual value, can cause problems ahead of bankruptcy, but only if it’s a large gift.
If you’re careful it’s easy to avoid the rude surprise of hurting the friend, relative or other creditor you paid before filing bankruptcy.
Your abundant love for your children, spouse, and others is not defined by an (over)abundance of holiday gifts.