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Lingering Worries

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  • Lingering Worries

    Our proposal has been filed and Meeting of Creditors is scheduled for July 7
    Below Median so our plan is 36 months at $300 per month

    Microbusiness operating as a solely owned LLC and it's debt is included in the filing as things were co-mingled .

    I've been reading some of the posts here and am getting worried, but I know filing was clearly the right thing to do to reorganize some debt. My attorney thinks since the business has no assets and is only a service provider they won't pursue the matter. Although the amount of debt is quite high and got there mostly due to a prolonged illness and recovery. Essentially we were living off part of that credit card too. Two years ago the business was doing great, then I got very sick and nearly died. It has been a long hard road to recover and I let the business go soft as I couldn't keep up with it physically or mentally at the time.


    Can the bank sue the business anyway?
    What is the likelihood of that happening with a zero asset business?
    Can they do that while we are in Chapter 13 essentially freezing the business account? My attorney recommended moving the account before filing, which was done.



  • #2
    The bank can always sue the business individually as it is a separate entity. Even if it was your alter-ego, it is still an entity with its own taxpayer identification number. Why are you worried? I would hope that you shut down the business. They can absolutely freeze the account if it's a legitimate LLC with a separate tax ID number. Why would you still have business assets? I'm speaking from some experience with this issue. I still have -- maybe once a year -- people calling about the business and trying to collect (the S Corp side).\

    I hope you moved the money and are listening to your attorney.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      This business is my sole source of income and is now healthy as I am fully recovered and have been growing it.. I am filing Chapter 13 in order to be able to keep it and get the debts reorganized. My attorney feels that since I co-borrowed from the business during my illness and it has no real assets the chances of being sued are extremely small. He also assured me at this point, we'd see it coming as they will have to go through the trustee to do anything. If that happens, he says just essentially shut it down and reopen in a new name and EIN.

      It is reading stuff here that has me getting worried.

      Comment


      • #4
        Well, I was concerned because you're still operating, essentially, the same business. You can personally protect yourself in a Chapter 13, but the business itself can't file a Chapter 13. It could do a Chapter 11 but that's an entirely different story. An LLC operating, as it should, as a separate legal entity is not immune from creditors even though a principle/partner is in personal bankruptcy. The business itself is not protected. The business can still be sued.

        I may misunderstand your attorneys position. I think he's just saying that you "ignore" the business aspect and file personally. If someone comes after the business, just shut it down, give it a new name and obtain a new EIN. If there are even "some" assets you can't transfer them to the other business without shutting down the first business properly. He's probably right that a lawsuit is a low probability on the existing LLC but you will likely be hounded just as I was hounded.

        I don't know why you wouldn't just cleanly dissolve the LLC now and start a new LLC now. By dissolve I mean that you don't transfer assets from the old one to the new one and that the new entity has an entirely different name. The creditors will eventually come for the dissolved LLC if it is liable for debt. Hopefully they find it already dissolved.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment

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