Will they go after my partners business assets, even if i used up my equity?

[pstallone]

I can't get an answer that gives me enough confidence.

I'm looking at Chp 7, have no personal assets at all, I am a partner in a business that owns a house, free and clear, no other assets in that business.

I have been living off the company checking account, my partner has not, I can verify that all my bills are being paid out of the account.

So I have used up all my equity in the business, my attorney agreed a good point, BUT stated, you never know what the trustee will do.

Even if I can document, my equity is gone, the trustee can still force a sale, or make my partner miserable, as he will have to get an attorney himself, to fight it???

What if my partner gets a loan of the property, to fix it up, and then I go BK???

Its amazing how my BK can really screw over my partner, he doesnt want to sell the house, or be forced to do so.

I agree with him the house should be his, I have used up my equity in the LLC.

[newbie2]

pstallone, what you want to hear to make you feel confident and comfortable isn't something you're likely to hear from us. The attorney you consulted said that there could be issues. What do you want from us lay people? You have an extremely complicated case, and it isn't going to be without stress and "unknowns" through the bk process. I doubt any of us could tell you what you want to hear. Did you read through the whole thread of replies that you received yesterday? http://www.bkforum.com/showthread.ph...I-go-Chapter-7

[despritfreya]

Agreeing with nb2. . .

If you are that concerned then don't file a Chapter 7. File a Chapter 13 or an 11 if you are over the debt limit for the 13.

Des.

[pstallone]

I dont want to hear anything, I am listening to my attorney, I was just looking to see if anyone had a similar circumstance, and how did it work.

[newbie2]

I dont want to hear anything, I am listening to my attorney, I was just looking to see if anyone had a similar circumstance, and how did it work.

If you do a search in the forums for "LLC" and terms like that, you may come across some similar cases.

[pstallone]

If you do a search in the forums for "LLC" and terms like that, you may come across some similar cases.

Thx for reply, i'm sorry if my concerns are annoying some posters

[frogger]

Thx for reply, i'm sorry if my concerns are annoying some posters

It's not that it's annoying, no one has given you the answer that you want to hear, and is not going to. As has been said, use the search function and study.

Once you bring an LLC into the mix, things change.