Wife's Part-Time Business Inventory

We are going to have to file a Chapter 7 bankrupcy due to my motel corporation going belly up, the counseltations I have had with several attorneys confirm that we will also need to go a chapter 7 on personal as loans were personnaly guarenteed by me. My question is my wife has a part time commmision sales job which she has about $5000.00 of retail vale , $1,250.00 of wholesale iteems. Will she need to claim them or should she incorporate prior to our filing to protect those assessts. Please respond quickly as I am sleeping on the couch until this is resolved.
Thanks

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

If your motel corporation is filing bankruptcy and you alone are filing chapter 7, your wife shouldn't have to worry.

However, if your wife is somehow involved, protecting the assets as owned by a corporation MIGHT prevent her being personally liable. I say might, because the threshold can be broken.