divorce, bankruptcy, protecting any assets

[JAFleming]

What is the name of your state NC?

I started a small real estate business and it went under, however, I will have a judgment on me for over $90,000. This second mortgage is on a piece of real estate that was given to me in property settlement distribution and I know that means nothing to creditors. My attorney has advised me to file for BK as I cannot pay this note off. I currently make less than $30,000 per year. My ex-husband will be dragged through the BK process. I do not feel that this is HIS debt and he should not be responsible.

One other question - I've been told by my attorney that you have 90 days to move assets around - is that true and how much can you protect from the BK process without it being consider fraud.

I realize this is a major undertaking and I do not want to enter into it without an info gathering process.

Thanks for any comments.

[Zigner]

Are you asking us to help you hide your assets so you can "protect" them during a bankruptcy? Are you REALLY asking us that?

[bigun]

Pre planning a bk isn't fraud.
There are 2 types of assets in a bk. Exempt assets and, nonexempt. You want to find a way to take things that may be nonexempt {the trustee can seize} and turn them into exempt assets-things you can keep through your bk.
You'll just have to ask your lawyer what he has in mind. Generally speaking, things like IRA's and some insurance products are exempt property. It'll depend on what your state allows for exemptions.