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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
Satisfied Customers: 460
Experience:  practicing attorney including bankruptcy
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My husband may have to declare bankruptcy soon and I ...

Customer Question

My husband may have to declare bankruptcy soon and I don''t want to lose all my savings. Could I give it to my son in Belgium to keep there for me? We are in our late 60''s. He has 30 furnished apartments that he rents out as part of an Inn in New England. He bought more buildings than he could afford when prices were high. We owe 1.5 million. He is working with his local bank on a refinancing solution. I have about $75,000 of my own money saved up. My son and his family live abroad because his wife is a diplomat from Iceland. I am very close to them. My husband has kept me away from his business affairs all our married life, about 25 years. Nothing would stop him. I''m just afraid that when/if we go bankrupt they will take everything with my name on it as well. The property is all in a trust with our name on it, except the only house I love, which is in his name alone. Only my $75,000 is in my name alone, in CD, savings acct, and Fidelity money market. HELP please!

Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  Marcus Parker replied 9 years ago.
Are your husband's obligations in both of your names? In other words, have you personally guaranteed these business obligations of your husband? If not, you should consider letting him file bankruptcy in his name only. In that case, your $75,000 would not be available to pay your husband's creditors.
Customer: replied 9 years ago.
Reply to XXXXX XXXXX's Post: The assets are in both our names.

Since this is the case, your answer was only moderately helpful.