I have a small business… sole proprietorship…. i'm having to file personal bankruptcy…mostly credit card debt and medical bills. Can I protect my business assets (my computers and some other stuff are exempt under Ch 7, but not office furniture which exceeds the personal exemption) if i convert it to a corporation a few months before filing?
Probably not, since you would own the stock in the corporation, and the stock would be part of the bankruptcy estate. Consult a qualified bankruptcy law attorney though.
