questions about filing

[texas1882]

delete

[Never_Again]

I certainly won't be mean...

I was in the mobile tool business for almost 10 years. I was with two different companies, so I was stupid twice!

If you file, it would seem to me that the tooltruck will be taken by the trustee, sold, and then the money distributed to all of the creditors as it is not encumbered with a lien. It is a free and clear asset. What is it for a truck? Have you checked tooltrucks.com for an approximate value?

Is your loan for tools through the parent company, or is it through an independent bank (one of the companies uses Key financial, or American Express.) Have you sent all of your tools back to the company for credit? What about accounts receivable? Technically, you should have a UCC against the tools (inventory) and accounts receivable.

Is your trade account with the company paid? Send me a PM and tell me which company if you don't want to tell me on the forum.

Truth is, there are some pre-bankruptcy planning maneuvers you can do in selling the tooltruck, and perhaps protect some cash. You and your husband can put up to $5000 each in an IRA, and it is exempt. You will want advice from your lawyer on this for certain.

As for the Durango, I would run, not walk, but RUN just as far away from that as possible in a bankruptcy. In some states, equity up to a certain amount is exempt in a personal vehicle. Buy yourself something cheap.

As for the guns, it depends on your state. In my state, any one asset under $300 is exempt, but there are at times different exemptions for different items. 30 guns are likely to be taken and sold. It still might be a small price to pay.

I am sending you a PM to see if I can help you more.