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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2659
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Can I protect my families assets by transferring them all to

Customer Question

can I protect my families assets by transferring them all to my wife prior to the bankruptcy and then filing for divorce?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  DrakeLAW replied 1 year ago.
Hello and welcome to JustAnswer, my name is ***** ***** I am an attorney. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. This question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms. By continuing, you confirm that you understand and agree to these terms.No, that is actually the worst thing you can do. If you did that and then filed, the trustee could use provisions of the Bankruptcy Code to take those assets from your wife. However, if you get divorced that could possibly be avoided. Do you plan on divorcing anyway or are you thinking you would do it just to try and preserve assets through a bankruptcy?
Customer: replied 1 year ago.
I am facing a business bankruptcy and don't want to take down our family assets, would only be getting divorced to shelter all current assets in my wife's name and when the dust settled get remarried.
Expert:  DrakeLAW replied 1 year ago.
I am sorry to hear about the business bankruptcy. Why are you thinking the business bankruptcy may lead to some personal liability that could take down the family assets? (I need to understand a little more).