Personal bankruptcy and a partnership

[Snapper]

My husband is in a general partnership construction company. They have to have heavy equipment that is worth quite a bit to run the business. We are at a point that we need to file Chapter 7 (personally). He does not want to lose any of his business assets. They were looking at incorporating to save the business assets but someone suggested that they wouldn't be saved even if they do incorporate. Does anyone know if this is true?

Also someone suggested that even if they didn't incorporate their equipment should be exempt because they use it to make a living. But I'm not sure this is true since the equipment is worth so much. Any advice would be appreciated. I am contacting a second lawyer plus waiting on the one I've already been talking to to call me back.

[SleeplessInMI]

Tricky one... if he is in a partnership then other people own the equipment too right? Or does just your husband own it all? I would think that they couldn't take what isn't all yours... not sure though. But I think with a Chapter 7 they will try to sell your business assets to pay creditors... this is why alot of business that want to stay in business will go the 13 or 11 route.

[Snapper]

In their case one or the other is on the note- not both (for the majority of it). So I guess we would have to look at the paperwork to see what they might lose. The lawyer still has not called me back- he has all of my bills. I plan to also look into CCCS and see if a debt management plan would work.