In Pennsylvania, It' s my understanding anything bought during a marriage between husband and wife is automatically TBE property. So below is my question(s), with the understanding that only one spouse (wife) will be likely be filing bankruptcy (chapter7) and there are no joint debts other than the home and vehicles, which will remain current and in good standing.
The debts of the spouse(wife) likely filing chapter 7
,are all debts in that are in the wifes name only.
1. Can the husband and wife buy business property* jointly under TBE protection, of the wifes failing Incorporated business with money they received from their joint tax return refund?
The tax return refund/overpayment money was deposited in the joint account of the husband and wife, and remains there to this very day. Also, is it safest to keep the joint tax refund/overpayment in the marital joint account of the husband and wife, or should it be moved into the husband's name only? There is a good chance somebody may confess judgement on the wife individually before she files chapter 7 in PA. Wife will be filing using the state exemptions to get the benefit of TBE law in PA
*Note: equipment will be purchased at fair market value, appraised by an auctioneer licensed in PA., and also with Ebay sold item pricing as a comparison)
*Note: all funds from husband and wife to purchase the equipment will be given directly to the bankthat has the UCC's on the equipment starting with the bank in first place, on all business assets
*Note: joint tax refund is more than $20K
Just trying to understand if husband and wife can buy business equipment under TBE law and keep it protected. Again, the wife will be filing chapter 7 with PA state Exemptions at some point, but may let confession of judgenment happen before filing.
If you can't answer with certainty please do not answer. Please understand PA TBE law(s)