Legal Question in Bankruptcy in Tennessee

I am married. My husband has a business that will go into double bankruptcy. We both own the home. He thinks I order to save our asset in our home we need to divorce and he gives me the home. I live in Tennessee. Is this the best option to avoid the bank taking our home as an asset.

Asked on 5/07/20, 6:20 pm

1 Answer from Attorneys

Dan Scott Scott Law Group, PC

This is a question that needs to be addressed to whoever is going to help your husband with his bankruptcy. I always caution folks about making transactions without a complete view of the "lay of the land" which would include looking at his debt, the debt of the business, and your debt (including joint debt). If you are living in Tennessee, still married and he is the only one filing, then its likely better for the house to be owned by both of you as Tenants'-by-entireties (married couples only). In that circumstance the only interest that comes in to his case is his survivorship interest. That's not very marketable. If you are concerned about the bank that has a mortgage on your house that requires additional considerations.

Hope this perspective is helpful.

Read more
Answered on 5/08/20, 12:25 am

Related Questions & Answers

More Bankruptcy Law questions and answers in Tennessee