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LLC with Investment lots in foreclosure

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    LLC with Investment lots in foreclosure

    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?

    #2
    Originally posted by LawRookie View Post
    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.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

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