Legal Question in Bankruptcy in Illinois

grandparent gifts

I may have to file BK because of a lawsuit between me and a shareholder who took off,took company property,transfered shares to wife during their supposed divorce and now ''she''(he's still with her)is suing for the whole business. There's no value to the business but they just want me to ''pay'' for not writting them a check to leave..Since this all started(abt 3yrs ago)iv'e ammassed a huge amount of debt personally to keep the company going, and due to the slow economy and having to hire to replace him. I know I need to talk with an Atty(I have 2 now) Now for my question. I'm concerned about the gifts my children recieved over the years from Grandparents for xmas and birthdays(ie: computers,tv,stereos,video games and bedroom furniture) Are these considered ''mine'' under the BK laws and subject to the personal exemptions part? Or are they the childrens? We have little or no equity in house and only real asset is a boat worth 7-11K...

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