Bankruptcy Forum

LLC with Investment lots in foreclosure

LawRookie
10-29-2009, 12:53 PM
Ok 4 yrs ago we opened a LLC (but file as S-corp for tax reasons) not sure but that is what the account setup.

In 2006 we bought a investment lot in North Carolina.....well is was very bad...I stop paying on it cause the other investor stop and I could carry it by myself.

Well I filed for CHp13...now the bank wants defiency which is HUGE 165K plus maybe...depeding what they get at auction.

question I have...I thought having the LLC I would be ok but I'm not.

The deed is in the LLC name along with other co-owner LLC name and the load (mortg) is secured by the lot. The bank note is in my name since it was a new business with no history could not get loan in business name.

Is there anything I can do?

frogger
10-30-2009, 11:09 AM
Is there anything I can do?

See an attorney. You signed personally for the LLC, so you're on the hook. And..... how do you file as a Sub-S when you have an LLC? That just don't fly.