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I own a small business that is not doing well. I may have to…

I own a small business...
I own a small business that is not doing well. I may have to close it. I have over $1mm in personally guaranteed accounts to distributors and other creditors. This is far more than my personal assets. So I will need to file for personal chapter 7. I am in the middle of a divorce and I know my husband will not be filing nor agree to file. The house is in my name alone. I have a Merrill Lynch non-retirement investment account in my name alone. What would the bankruptcy court consider to be mine and thus at risk? What of his is protected?
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Answered in 3 minutes by:
3/15/2018
NYCLAWYER
NYCLAWYER, Attorney
Category: Bankruptcy Law
Satisfied Customers: 62,884
Experience: LICENSED NY AND NJ BUSINESS LAWYER
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His assets would be assets in his name alone, not recently transferred to him by you; as well as pre marital asssts and inheritance he may have.Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Awaiting your reply, thank you!If you have a follow up, just reply and ask me!
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Customer reply replied 4 months ago
His vehicles are in his name alone, and we have a joint checking account, which I assume would be half his? However he is unemployed and not financially contributing to it right now.We just signed a partial property agreement but nothing was transferred. We just agreed to the values of our personal property and that he owes me $20k in cash for the distribution to be equitable.I assume that the $20k will be taken.If we were to have another partial property distribution that liquidated the investment account and split the funds in half would he get to keep that? I understand nothing is guaranteed, but since it is fair and equitable is it likely that it would not get clawed back?
I will likely not file for a few months yet as I'm going to try a chapter 11 for the business first.
It is likely to be split as you designated.
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Customer reply replied 4 months ago
acceptable

Thanks. Kindly rate me 5 stars

NYCLAWYER
NYCLAWYER, Attorney
Category: Bankruptcy Law
Satisfied Customers: 62,884
Experience: LICENSED NY AND NJ BUSINESS LAWYER
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