View Full Version : Inspired by the selling DVC thread..questions about BK

Rock'n Robin
07-17-2004, 12:37 PM
I have a question about our DVC points. My husband has a small business that is really struggling. His credit is horrible at this point, but mine is great. I pay all of the household bills with my paycheck and his so I pay more than the minimum, on time, etc. Not that we don't have some CC debt, but all of the CCs are in my name only. I just was able to get a Lowes card on my own credit last week. I'm a teacher with 18 years in so my job is not going anywhere.
My question is this--DH is considering shutting down and declaring BK. We will soon be closing out our checking acct. and getting one in my name only just in case. I have no intention of declaring myself. The DVC points are all financed--the money for payments and dues comes right out my checks into my credit union and to DVC. If he declares BK, will they make us sell our POINTS??? He really has nothing to do with the money that goes to pay for them. I've considered selling them this spring when things looked bad, but I keep putting it off and so far we've been OK.
On a side note, is there any way to get his name off our DVC acct. since we have no intention of divorcing?
Feel free to PM if you don't want to post specifics here.
Robin M.

07-17-2004, 01:09 PM
Better talk to a good Bankruptcy attorney. It will actally vary with the State. If he does he actual bankruptcy and not the reorganization, I'd guess you'd have to sell it if it's in both names if there's any equity there. Hopefully others know more specifics to give you a better idea.

Rock'n Robin
07-17-2004, 01:54 PM
Can we transfer the deed from our names into just mine? Or perhaps transfer to my parents or something?
Robin M.

07-17-2004, 02:02 PM
Talk to an attorney before doing anything. Laws vary from state to state and some moves that would benefit you in one state would hurt you in another.

For example, if you are in a marital property state, it will not matter who's name a debt or asset is in, if they were aquired during the marriage. Debts and assets aquired during the marriage are owned jointly, even if only one name is on them, only one person signed the papers and only one person has used their money to pay for them.

Since the laws vary so widely from state to state, any advice you would get here, may or may not apply to your situation.

07-17-2004, 04:25 PM
You just about own everything together when you are married as far as this subject is concerned. One thing I might suggest is see a lawyer, you can not get cute with assets before a bankruptcy so forget that.

07-17-2004, 05:22 PM
Greatly will depend on what type of entity your DH's company is. If it is a corporation, they can't touch your personal stuff. That's a major reason people get incorporated. A limited liability corp (LLC) is the same why. I have an LLC so if (heaven forbid) my company goes under, they could not touch our personal accounts, DVC, home, etc.

07-17-2004, 05:24 PM
Hi Robin :wave2:

I can't help with advice, but I hope everything works out well for all of you.


Rock'n Robin
07-17-2004, 08:47 PM
Thanks Karen and everyone else. The company took a hard hit after 9/11 and even though we have a lot of business lately, we have to climb out of debt. I have been able to keep our personal selves afloat pretty well. The company is a corporation. I know there is so much more to worry about than DVC points, but it is kind of a strange comfort that if things do go south, we'll still be able to go to FLA. DH is still plugging away, but the last few months have been really hard. We will be talking to an attorney before anything official happens.
Robin M.