Can I be forced into bankruptcy?

katie1946 · Dec 8, 2000

I live in Arkansas. I am supposed to go to court in January to get a divorce. My husband and a gas company that our c-store dealt with have shared attorney husband and wife team.When I found out the gas company changed atorneys, but they switched to one that had done legal work for me in the past. I have already had one attorney quit and had to get a replacement. The company and my husband have worked together and now I am broke, living with friends, haven't been able to find a job and to put it simply in a corner than I can't find a way out of. I have no objection to a divorce even though I was never asked or told until I received papers. But during all this time my credit has been put into a shambles, I don't have money fight for the business that I have run alone for two years trying to rob peter to pay paul until I had no choice but to lock the doors. Now they have changed the locks, and my husband is filing for bankruptcy. I have two people interested in buying the business but even though I do, I am being kept from being able to because of a lease with the company who is family friends of my husband. I don't want to be forced into not being able to sell and be able to pay off all the debts but I have nothing left to do. I am seeking advice as to what my options are. Thank you.

to10dbar · Dec 23, 2004

Not sure

All I can offer is some insight. U will both lose any profit from the sale if either files for bankrupcy before it is sold. If you can sell the business, and postpone any bankrupcy on either side for at least 6 months, you might have a chance of keeping the money if you can justify how you each spent the proceeds. However, you can no pay off any bills that aren't "cost of living" bills or else they can go after that money even though it's been paid out already. Any loan on the business will be a secured loan, that can be paid off. But any payments to credit card companies should not be made. Worst case scenario, you sell the business and 6 months later file bankrupcy. You can always claim that any proceeds were wasted on frivilous expenditures and they can't do anything about it (i.e. gambled it away, etc). Of course, you can't have any of it hidden in bank accts etc or they will find it.

LdiJ · Dec 24, 2004

katie1946 said:
I live in Arkansas. I am supposed to go to court in January to get a divorce. My husband and a gas company that our c-store dealt with have shared attorney husband and wife team.When I found out the gas company changed atorneys, but they switched to one that had done legal work for me in the past. I have already had one attorney quit and had to get a replacement. The company and my husband have worked together and now I am broke, living with friends, haven't been able to find a job and to put it simply in a corner than I can't find a way out of. I have no objection to a divorce even though I was never asked or told until I received papers. But during all this time my credit has been put into a shambles, I don't have money fight for the business that I have run alone for two years trying to rob peter to pay paul until I had no choice but to lock the doors. Now they have changed the locks, and my husband is filing for bankruptcy. I have two people interested in buying the business but even though I do, I am being kept from being able to because of a lease with the company who is family friends of my husband. I don't want to be forced into not being able to sell and be able to pay off all the debts but I have nothing left to do. I am seeking advice as to what my options are. Thank you.

If your credit is already in shambles then filing bankruptcy may be your wisest alternative. His bankruptcy is already going to put the burden of any joint debts directly on your shoulders.

Can I be forced into bankruptcy?

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