2 LLC corporations- Bankrupcty ? Pls. Help [Archive]



	Bankruptcy Forum > Before the Discharge > Chapter 7 > 2 LLC corporations- Bankrupcty ? Pls. Help PDA 2 LLC corporations- Bankrupcty ? Pls. Help 95kindebt 06-15-2009, 10:04 AM My husband has 2 LLC companies. If we file personal bankruptcy, the 2- LLC's are a seperate entity correct? will the partners need to know about our filing? What happens to his company Visa with one of the LLC's (he's an authorized user, not primary) justbroke 06-15-2009, 10:16 AM My husband has 2 LLC companies. If we file personal bankruptcy, the 2- LLC's are a seperate entity correct?Yes, they are separate. will the partners need to know about our filing?If the Trustee sees value in the LLC, they could seek to acquire your husbands stake in the LLCs. If stock is issued, the Trustee may seize your husbands stock or otherwise sell it... if they can. What happens to his company Visa with one of the LLC's (he's an authorized user, not primary)If he is not the guarantor... nothing. 95kindebt 06-15-2009, 10:31 AM one LLC has no income, and the other had 100k last year but he only made 20k of that. They don't have any income for this year so far. justbroke 06-15-2009, 10:33 AM one LLC has no income, and the other had 100k last year but he only made 20k of that. They don't have any income for this year so far.Doesn't matter how much they made or didn't make. What matters is what the value of one share of stock is... and how many shares your husbands holds. 95kindebt 06-15-2009, 11:51 AM they don't have stock per se, he just owns 1/2 the company.