Illinois  |  Bankruptcy

Legal Question

Asked on: 2/17/09, 10:02 pm


I might have to declare bankruptcy due to bad tenants in 3 rental properties in Illinois. I would like to get rid of the duplex and house, but keep my house. Is this possible? I also have a vehicle with no loan. I also have a portfolio of securities that were worth $35000 when I invested but only a few thousand now due to a bad market. I would hate to have to sell them to satisfy only a small portion of the mortgage debt i would owe on the rentals. I bought both rentals with no money down, so I imagine the banks will sell them leaving at least an $80000 difference which they will no doubt want me to pay. That is why I want to do bankruptcy. Deed-in-lieu is not an option as they are 80/20 loans with 4 banks involved in the 2 properties. I have an s-corporation and was thinking that I could transfer my Ameritrade account to an already existing corporate ameritrade account. I would like to transfer the vehicle too. If I do can they still be touched in a bankruptcy ruling? My s-corp is 3 years old and I am the sole shareholder. If I transfer these things now will it look like I'm trying to hide assets? It's not much, but I need to start over with something. I haven't worked in 3 months and won't be called back for 3 mor

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