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Maverick, Attorney
Category: Bankruptcy Law
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Experience:  20 years of professional experience
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I need to ffile bankruptcy. I have some questions. Background,

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I need to ffile bankruptcy. I have some questions. Background, Lost my job June 2008. house is being foreclosed. Being sued by 2nd loan on house. I have several credit cards. Car repo'd.
1. My wife and I have a house that we bought before we were married. How can I protect the house.( not same house that is being foreclosed )
2. My wife will not be filing bankruptcy, can I transfer house to her.
3. I have open a small business, will it be envolved in bankruptcy and can I protect the assets I have in it.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 7 years ago.
You will need to file a chapter 13 reorganization bankruptcy if you want to protect the business assets and the house since any transfers within 2 years of the filing of a BK are subject to being reveresed under the fraudulent transfers and conveyances laws. I am assuming that your business is a sole proprietorship in this answer. If it is not, the answer may be a little different. Your retirement account should be protected under either a chapter 7 or chapter 13 BK.
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