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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2878
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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i am considering bankruptcy but i would rather not have the

Resolved Question:

i am considering bankruptcy but i would rather not have the gov. in my personal bussiness. i owned a commercial construction co. that went belly up 3 years ago. i am in dept to the tune of $300,000.00 to suppliers AN lawsuits i have been sued buy several companys an they are asking for discoverys for judgments . my question, if i get a divorce an put all in my wifes name an did not file bankruptcy what could the people sueing me do?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
The creditors can move to avoid these transfers as preferential -meaning you did them to hide assets. If they can prove that it was not in the ordinary course of business, the court can undue the transfer and then the creditor can attach the asset, freeze the bank accounts, and also garnish wages.
Customer: replied 8 years ago.
even if my wife had nothing to do with the bussiness
Expert:  Terry L. replied 8 years ago.
it's the transfer that is the issue, it wouldn't otherwise affect your spouse
Customer: replied 8 years ago.

the only transfer would be giving her the house an car that already has a lien from lenders an are current.

she would start her own bank accounts an there is not alot of money to transfer.


Expert:  Terry L. replied 8 years ago.
Any preferential transfer, could draw an objection. A bankruptcy would discharge the debt, and make this issue irrelevant. Even with liens, the creditors can still record another lien in line with the rest on the home
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