Hello all. I've been an avid reader of this forum, but first time poster. I'm intending to file bankruptcy soon because of CC's and a judgment (haven't consulted with lawyers yet). And thanks to all of you, i have a much better understanding of this process and what to expect. I do have a couple of scenarios though that I was hoping you guys can help me with.
1) My girlfriend and I had just bought a car for $12,000 in March of this year free and clear and both our names were on title. After I lost the judgment in May, I decided to take my name off of title so they can't come after it, and just leave it under my girlfriend's name (I wasn't thinking of bankruptcy then). Now, i'm interested in filing for BK to get the judgment and mounds of CC discharged, but I read somewhere that the trustee might frown upon me taking my name off the title in attempts of hiding it from creditors. Is that true? And if so, how much of an impact do you guys think it would make on my bankruptcy? I would definitely list the joint ownership of the car in my petition and use my wildcard exemption to protect it, so it would be fully disclosed. Would fully disclosing it make it less of an issue? Would it be better to wait a few more months to file, or maybe put my name back on the car and wait a few more months?
2) I also have a new S-Corp business that I just created in April that I'm trying to start up. This is side business for me, as I work full time as well. I haven't made any money in it yet, and don't plan on to for at least until after I get my bankruptcy discharged. But I also read somewhere that I would be required to close my S-Corp if I file for BK. Is that true or did I mis-read something?
Thanks in advance...
1) My girlfriend and I had just bought a car for $12,000 in March of this year free and clear and both our names were on title. After I lost the judgment in May, I decided to take my name off of title so they can't come after it, and just leave it under my girlfriend's name (I wasn't thinking of bankruptcy then). Now, i'm interested in filing for BK to get the judgment and mounds of CC discharged, but I read somewhere that the trustee might frown upon me taking my name off the title in attempts of hiding it from creditors. Is that true? And if so, how much of an impact do you guys think it would make on my bankruptcy? I would definitely list the joint ownership of the car in my petition and use my wildcard exemption to protect it, so it would be fully disclosed. Would fully disclosing it make it less of an issue? Would it be better to wait a few more months to file, or maybe put my name back on the car and wait a few more months?
2) I also have a new S-Corp business that I just created in April that I'm trying to start up. This is side business for me, as I work full time as well. I haven't made any money in it yet, and don't plan on to for at least until after I get my bankruptcy discharged. But I also read somewhere that I would be required to close my S-Corp if I file for BK. Is that true or did I mis-read something?
Thanks in advance...
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