QUESTION
Can spouses business bankruptcy affect me?
Asked on Sep 01st, 2013 on Bankruptcy - California
More details to this question:
My spouse may have his business fall into bankruptcy within a year. Our house is in my and my spouses names. We are under Calif. community property laws. If I quitclaim my half of the house to my two adult daughters, will the bankruptcy affect their share of the house? My spouse and I may also divorce within a year, Would that change the above scenario?
1 ANSWER
This is not the way to handle. By that I mean do NOT quitclaim to your daughters. If you want to protect your interest in the house the means to do that depends on the answer to a number of questions. For example: what is the equity? is the business a corporation?
If you would like more information do not hesitate to contact me.
Sincerely,
Mitchell Reed Sussman
Answered on Sep 02nd, 2013 at 3:46 PM