Save our Assets!

[cutloose]

My s corp (landscape material supplier) owns two pieces of equipment free and clear. One is a loader and one is a grinder, both necessary to run the business. We have formed an LLC in my wifes name ( she is not claiming BK) so I can continue in the same field after I disolve the current s corp. I want to know if we should buy these two pieces of equipment with her own money before I file Chapter 7 personal including the business? After we have the new company (llc) up and running can it buy the assets back from her?

Would this be a better option than me buying the equipment myself then claiming it exempt as tools of trade? Combined value is $7000 for both pieces.
All of the business debt is unsecured.

[fireworks]

Trustees WILL find that sort of property transfer. Anything you sell in the months before your bankruptcy will be highly scrutinized, especially if sold to a family member, ESPECIALLY if sold to your wife. I highly suggest you find a competent bankruptcy lawyer who is familiar with business cases and can advise you on how to best protect these assets.

[keepmine]

I wouldn't do it unless your lawyer says it's OK.
You've all manner of insider transactions going on here. A big problem will be, are you going to hand over the money you get from the sale of the equipment to the trustee? If not, you may have a fraudulent transfer on your hands.