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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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The owner of the nail salon I frequent has not paid the mortgage

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The owner of the nail salon I frequent has not paid the mortgage on her house for 1 year. She has worked out some deal with the her bank, that she cannot honor. She cant pay her rent in the business either. Her husband has been out of work for 2 years. He is a welder. They have 3 kids, and a grandparent that lives with them. She want to buy a foreclosed house for no money. Put it in here husbands name and then herself file for bankruptcy. Does not seem right - but I promised to find out if she files for bankruptcy, would that affect her husband as well - or is he free to buy property/business (provided of course that he can raise the money)?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
It only affects him if he signed on any of her debts. The transfer of the asset to her husband is an issue, but only if there is equity. You cannot hide equity in a bankruptcy case. If there is no equity, there is no issue with the transfer, since the court would not find any cash if they liquidated since there is no equity and no money down. Thanks for your question and good luck.
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