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Mbush10
Level 1
Aug 30, 2023 7:32 PM UTC
Question

Personal Bankruptcy?

Hello,

     I'm debating on starting the process to file personal bankruptcy. Should I change my DBA to an LLC first to not affect the company? Should I put the DBA/ LLC in my husband's name for now?

2 replies

Anonymous_
Level 15
Aug 30, 2023 7:35 PM UTC

You really should consult bankruptcy counsel.

 

See https://www.avvo.com/bankruptcy-debt-lawyer.html

    kthomasusa1
    Level 2
    Aug 30, 2023 7:42 PM UTC

    You might want to review the bankruptcy laws regarding the transfer you are contemplating. Frequently, if assets are transferred before filing bankruptcy, the trustee may be able to get the assets back and liquidate them to pay creditors. Probably best to get advice from your bankruptcy attorney. 

    Good luck to you in this most likely very stressful time.

    Kelly C, CPA

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