Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
The assets were separate property (Steeler Seat Licenses)
They are a little hard to value, since the market is "underground", i.e., the Steelers do not sanction or participate. Depending on which side you wanted to argue, the value is between $7,500 and $15,000 each.
I gifted 2 to my son, and sold 2 for $10,000 each.
1) Whether or not someone can file a Chapter 7 (the preferred Bankruptcy) depends on whether their gross household income is above or below their state's median income level, which for the state of Massachusetts is currently $53,496 for a household of 1, $64,176 for a household of 2, $80,340 for a household of 3, etc. If your annual gross household income is below the above levels, you should be able to file a Chapter 7.
2) Any assets that were gifted within the 2 years before filing a Bankrutpcy can be deemed "fraudulent transfers", and can be taken back by the Bankruptcy trustee. But assets that were sold for a reasonable estimate of that they were worth cannot be taken back.
I think this is what you wanted to know. If not, please let me know.Thank you.