Legal Question in Bankruptcy in Ohio

The Chapter 7 Trustee will not permit preferential or fraudulent transfers of valuable assets prior to filing where the bankruptcy estate would otherwise benefit had the transfer not taken place. In order to preserve your assets, careful planning should be undertaken regarding the timing of your filing and the marshalling of proper exemptions.

With regard to your business, a Chapter 7 filing can affect your interest in the business if you hold equity that is not exempt. In other words, you may have to pay the trustee to keep control of the business under certain circumstances. Again, proper planning should help to maximize what you can keep going forward.

- BensonBankruptcy.com