If I was awarded a business in my divorce, and file bankruptcy because I was not able to refinance, what happens then? 9 Answers as of March 02, 2016

I was awarded a small business in my divorce. My ex signed a quit claim, and the business is not making profit to refinance in order to clear his name. If I file chapter 7, would he be given the option of the business back? Would he be able to come after me, as I am only trying to do what is right for me and my three kids.

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Ronald K. Nims LLC | Ronald K. Nims
Without seeing the divorce decree or the paperwork on the transfer of the business, I can't give you the answer in this case. However, generally, your ex would have no right to take the business back nor would he be able to come after you.
Answer Applies to: Ohio
Replied: 3/2/2016
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
You should sit down with a bankruptcy attorney in your area. Your case may need some additional work in regards to valuing the business.
Answer Applies to: Florida
Replied: 3/2/2016
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Please go see a knowledgeable local bankruptcy attorney to help you. I can't begin to give you any useful information because I don't understand the question. Even if I did there are many different aspects to filing a bankruptcy and you need to discuss them all with knowledgeable counsel.
Answer Applies to: California
Replied: 3/2/2016
GARCIA & GONZALES, P.C. | Richard N. Gonzales
There are too many variables to hazard a guess. Meet with an experienced bankruptcy lawyer and pay them for one hour of their time (between $250 and $300). Save your self a lot of grief!
Answer Applies to: Colorado
Replied: 3/2/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
It is impossible for me to speculate when I know only the small bit of information you have provided. The party that is likely to take your business and sell it is most likely going to be the bankruptcy trustee assigned to manage your case. The sale proceeds would be used to pay your debts. Your ex spouse could sue you for failing to comply with a property and debt division of a bankruptcy unless your case is handled by an expert in bankruptcy and family law. Which is why you need an attorney with top expertise and experience. Proceed with caution or you will shoot yourself in the foot.
Answer Applies to: Nevada
Replied: 3/2/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    This sounds like a potentially complicated situation, so you should consult with a lawyer who has experience in bankruptcy and domestic relations. In a typical chapter 7, a business would be liquidated by the trustee. If the trustee would get the best deal by selling the business back to your ex, s/he would consider that. Whether your ex could "come after you" would depend on the terms of the divorce decree.
    Answer Applies to: Oregon
    Replied: 3/2/2016
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If the decree requires you pay debt in his name, that is not an obligation you can discharge in a chapter 7. You would be required to file a 13.
    Answer Applies to: Nevada
    Replied: 3/2/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    I'm afraid that doing right by your three kids is not relevant to the decision-making of a bankruptcy trustee or Judge. The question will be what is the value of the business (and there are several ways of appraising a business), and can you exempt it under the (federal) laws of bankruptcy, or under your state law, if it is applicable. I doubt that your ex-husband has any special rights to the business under the facts you stated. I strongly recommend you retain a skilled bankruptcy lawyer to advise and represent you. Your situation is a bit more complicated than the most basic chapter 7 cases, and the assistance of such a lawyer is likely to be well worth the investment. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 3/2/2016
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you file for bankruptcy no one can come after you. Do what works for you. He would be left with the debt and no recourse against you.
    Answer Applies to: California
    Replied: 3/2/2016
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