Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
M
Mbush10
August 30, 2023
Question

Personal Bankruptcy?

  • August 30, 2023
  • 2 replies
  • 0 views

Hello,

     I'm debating on starting the process to file personal bankruptcy. Should I change my DBA to an LLC first to not affect the company? Should I put the DBA/ LLC in my husband's name for now?

2 replies

A
Anonymous_
August 30, 2023

You really should consult bankruptcy counsel.

 

See https://www.avvo.com/bankruptcy-debt-lawyer.html

    K
    kthomasusa1
    August 30, 2023

    You might want to review the bankruptcy laws regarding the transfer you are contemplating. Frequently, if assets are transferred before filing bankruptcy, the trustee may be able to get the assets back and liquidate them to pay creditors. Probably best to get advice from your bankruptcy attorney. 

    Good luck to you in this most likely very stressful time.

    Kelly C, CPA

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification