Assets, what do you have to give up?

[KevinR]

She should of had a security interest in the assets or the business.

That's the bottom line, she's kinda screwed.

The good news just keeps coming. Got a letter from her lawyer today, demanding full payment in cash in three days or they sue. I guess she thought I was bluffing about the BK. She was wrong.

[JimH]

That's the bottom line, she's kinda screwed.

The good news just keeps coming. Got a letter from her lawyer today, demanding full payment in cash in three days or they sue. I guess she thought I was bluffing about the BK. She was wrong.

Her atty probably doesn't think you are bluffing at all that's why he is agressively persuing this. If they can get the assets back before you file bk, then she has a much better chance of keeping them. Once she has possession, her atty can make all kinds of arguments about why she doesn't have to turn them over to the trustee. If she doesn't have them, she is dead in the water. I think the saying goes "possession is nine / tenths of the law." I would recommend you talk to an atty about this but you may be doing her a favor if you let them legally regain possession before filing. Of course, if her atty goes for the throat and tries to attach something to your house or other personal assets, then I would imediately file.

[KevinR]

Her atty probably doesn't think you are bluffing at all that's why he is agressively persuing this. If they can get the assets back before you file bk, then she has a much better chance of keeping them. Once she has possession, her atty can make all kinds of arguments about why she doesn't have to turn them over to the trustee.

I don't know, I think she really just wants out and let me deal with the assets. I don't know if her atty has figured out that I'll turn over the assets to the court if I file. Or perhaps he doesn't think I've figured that part out. So far it seems like we're playing hot potato with the assets, nobody really wants them.

I don't think he's all that bright, he's sent me the same threatening letter three times now, and it calls for a response by January 6.

Anyway, my atty advised me that to make sure the court doesn't think I'm trying to pull a fast one I should just hand the assets over and let her fight with the trustee if she wants them. That's what I'm going to do, it's pretty clear at this point I have to file or face all sorts of lawsuits.

[StaciMM]

Well, since the 'assets' may not be something there is a huge market for, she can probably work out a good deal on buying them from the BK court.

[JimH]

Sounds like we own the same company. Previous owner doesn't want my stock even though I am going bk on the balance of the purchase payments. He even has the right to take it back over. I don't want it either... Hot potato

[KevinR]

Well, since the 'assets' may not be something there is a huge market for, she can probably work out a good deal on buying them from the BK court.

Oh, she doesn't want the assets. She wants the money. I've already told her I will sell the assets as best I can and give her ALL the proceeds.

I'm beginning to suspect that her lawyer has told her exactly what will happen if I file BK, and she's actively pushing me into it just to rid herself of the whole mess. Either that or she's just dumb.

[JimH]

Oh, she doesn't want the assets. She wants the money. I've already told her I will sell the assets as best I can and give her ALL the proceeds.

I'm beginning to suspect that her lawyer has told her exactly what will happen if I file BK, and she's actively pushing me into it just to rid herself of the whole mess. Either that or she's just dumb.

Well sounds like it's time to just turn off the lights, lock the doors, and let the trustee make his money on the sale. He'll be excited - maybe the tools and equipment will distract him from your desk and three boxes of magazines.

[KevinR]

Well sounds like it's time to just turn off the lights, lock the doors, and let the trustee make his money on the sale. He'll be excited - maybe the tools and equipment will distract him from your desk and three boxes of magazines.

Ha, well that's kinda what I'm thinking.

Actually the desk issue is solved. I file by myself, my wife doesn't. We can document that the desk was given to her many years before we even met. So it's her sole property. PA is not a community property state, so it's off limits. As is a large number of things in our house actually. I'm kinda worried about this, just because it's in the house I wonder if the trustee might try to make a grab for it anyway. At the very least dragging out the process and increasing my legal fees. I will gladly give up any of my stuff he wants as long as my wife's stuff is left alone.

This is assuming he actually shows up and inspects the house in person (how common is that?) My atty says I should simply not list any assets that are her sole property. I'm going to be 100% honest about which assets are hers and which are joint or mine. But honesty doesn't always pay off. How do I prove that except for the couch the entire first floor of the house is hers? I'm not kidding, there are only three rooms in the entire house that have "my" stuff in them.