Expert: Terry Leeders - 7/12/2007

Question
Hi.
I am tring to file a bankruptcy(Ch 13 I think because I am trying to keep some assets I need).  I have a primary work, and there is a store(mini mart running slow) under my name run by my parents.  If I file ch 13, and if My parents sell the store, will those assets go to trusteeds 100%? we started the business with around 50K, and we are trying to sell it higher(hopefully).  So say If we sell it as 80K, will those 30 difference go to trusteeds 100%?  
2. I have filed the tax with my wife joinly, will she bee effected when I file a ch 13 ?  I didn't join anything with her other than the tax filing.

Please help!!!

Answer
Hi Song,

All of your assets, that are in your name need to be disclosed in a bankruptcy case.  Any transfers or sales need to be approved by the court and trustee.  In most cases, any unexempt proceeds (ask your bankruptcy lawyer for specifics) would normally be paid to the trustee towards your chapter 13 plan.

You would file taxes like you normally do, there is no special bankruptcy exemptions that you would have to worry about.