Legal Question in Bankruptcy in Iowa

protecting property while filing Chapter 7

This is my 2nd marriage. We keep all our finances

and taxes separate except we co-own three vehicles

, a 1995 Ford truck and 19994 Aspire paid for and

a 1999 Mercury with $14,000 left to pay. My husband has an inheritance of 20,000 in a CD in his name. We also co-own 10 horses for a part time breeding business and riding lessons that

I run as an extra source of income besides my full

time job. I am facing serious credit card debt and

wish to file without my husband, how do I protect

the assets I mentioned and still file Chapter 7?


Asked on 12/01/99, 4:46 am

1 Answer from Attorneys
James Smith James E. Smith Ltd.

Re: protecting property while filing Chapter 7

You do not say how long you have been married. You can go ahead and file but you will not be able to protect your non-exempt property. Your husband's separate assets that are clearly separate will remain so, but anything that is joint will be subject to the bankruptcy rules. If the asset is non-exempt it must be sold and given to the creditors. Do not make any transfers before bankruptcy to change title as these will be preferences and fraudulent conveyances and will be set aside.

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Answered on 12/01/99, 9:33 pm


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