Hi, if I do not file bankruptcy, and all of my debt is "unsecured" debt...(credit card, and doctors)....can these credits take anything that I own, such as land? I have family land, and there are about 15 people involved in the LLC...there is no profit made from land, it is only hunting land. My lawyer is telling me, that if I do not file a Chapter 13 bankruptcy, the creditors will come and take my land from me. I am unsure what to think. I dont know if the lawyer is just saying this, so I will file and pay him....or if these creditors, can actually take my land??? Like I said, it is all unsecured credit card debt...I dont understand how they could take my land? Thank you for any advice.
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If all the land is owned by an LLC (and that LLC has been around for a while), that gives you a layer of protection in that they can't directly get to it.
However, conceivably, if they were aggressive enough, they could force a liquidation of your interest in the LLC. -
so the credit card co's could force me to liquidate my share of the llc?? What about all of the other family members involved? are they safe?? Thank youComment
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bump...Comment
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Yes, generally, the other members of the LLC are not effected. You should speak to a business organization attorney.
Also, I think the risk is low, the creditors would have to jump through quite a few hoops to make you liquidate your LLC and that assumes they even can, its possible under certain circumstances, but no likely.Comment
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