new here and question

[tiger4life]

My lawyer told me I would have to file personal and business because my name is on all debt with the company but my credit score on personal is 788 and I owe nothing but a 1st and 2nd mortgage that I plan to keep. The 1st and 2nd equal the value.

My question is my wifes van that is titled in the company name but was paid off at the first of 2009. The Kelley BB value is around $9,000 and this is the only thing that would drag my wife into this mess. Could I simply sign the title over to her like the account told me to do at the first of the year because of tax reasons and could I simply back date it.

This really stinks that my personal credit is great but the economy has killed my business and I am left to ruin my personal credit. I told my self long ago that I would never do this but here I am.

Thanks in advance for any help and I am sure I have alot more questions that will come up in the future.

[OhioFiler]

What was the form of your business? LLC? Sole proprietor? C-Corp? S-Corp?

[drowningNdebt]

There is a 6 month look back period for the trustee. They will see you signed the vehicle over to your wife and could view it as fraud. Others with more knowledge will chime in here. Sorry to hear about the mess but were all in it together.

[tiger4life]

LLC it was a partnership but was changed to single at the first of the year. That is what I was worried about but figured I might be able to sign and date it. I'm still trying to figure out my exemptions and a little worried about that part of it too. Does the trustee do a walk through in your house or how do they evaluate your belongings. One other question is if I am filing my self and not my wife and of course not my kids is on personal items in the house how does one determine what would be in play.
I am glad I found this forum

[AngelinaCat]

No, the trustee does not walk through your house. Some districts *may* send an appraiser, but that is rare.

You make a list of your belongings and include it in your paperwork. Give everything a 'yard sale' price--that is, what you would pay for a similar item if you saw it at your neighborhood yard sale. You can also go to used furniture and appliance stores to get ideas for those type of things.

Categorize. You do not have to list each and ever meat fork and knife--say 'Assorted cooking utensils'-- $10.00--if that much. Think pennies on the dollar.

Craig's List will help with pricing too; but eBay has become a little unrealistic for this type of purpose. For jewelry, see what two or three of your local pawn shops will pay you for an item. That is a realistic price. Jewelry in a retail store is vastly overpriced. There is some excise tax involved that dates back to WW II and has never been rescinded.

Good luck.

[tiger4life]

Thank you for your help! But do I need to show every thing since my wife is not filing and how would I figure stuff that is mine, hers, and mine & hers. I am going to talk to my lawyer hopefully tomorrow but I am sitting here all weekend and can't get this out of my head.

[AngelinaCat]

Thank you for your help! But do I need to show every thing since my wife is not filing and how would I figure stuff that is mine, hers, and mine & hers. I am going to talk to my lawyer hopefully tomorrow but I am sitting here all weekend and can't get this out of my head.

It is my understanding that you have to show the household's contents. Again, you don't have to go into nitty-gritty detail.

I don't remember if you said you were a community property state or not, but if you are, then you must.

[tiger4life]

Alabama here

[tiger4life]

OK I just relized that I have 4,000 due for taxes and some other things, could I borrow against that van to pay taxes and the like? But then will I have to wait a certain time period.