I am a co-owner of a business that has been struggling for two years. Bankruptcy seems to be the only solution. My concern is personal: I have a $150,000 personal guarantee for various loans and lines of credit for this business. Eighteen months ago, I transferred my share of the house to my spouse. There was no compensation, but she has been paying the mortgage for several years, as evidenced by the proof. My question is: if the proof is established, is there a risk of seizure of my former share of the house should I have no other option but to file for personal bankruptcy due to my guarantee for the business, which will soon be bankrupt?
The most important point is the net value of your property at the time of the transfer of your share. If there was no net value, no benefit was conferred on your spouse. If there was value, the transaction could give rise to legal action against your spouse.
This is a point to discuss with your trustee if you need to file for bankruptcy.
This is a point to discuss with your trustee if you need to file for bankruptcy.
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