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LLC with husband filing separetly

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    LLC with husband filing separetly

    (fingers crossed)

    So the husband and I started a small (not quite profitable) business 2 years ago. It's just the two of us (no children yet and no staff). My husband has a full time job and I have the business. My debts started when I turned 18. We haven't taken out any loans for the business and we pay our vendors/accounts on time and in full. We're contractors, so if we buy something from Grainger or Sherwin Williams, we pay it off. This is my bread and butter, even if I not making much bread off of it yet since it's a start-up.

    Please tell me they won't dissolve or take away my business...it's my livelihood. The business is completely separate from our personal and I will be the only person filing for BK. Not my husband nor the business.

    Thanks in advance!

    #2
    Your interest in the LLC is an asset that you must value and list on your bankruptcy petition. If it has value, you must exempt the value under your state's exemption laws. If you file a Chap 7 and are not able to exempt it, then the trustee can try to sell your interest to a third-party. If you own 100% of the LLC and can't exempt it, then the trustee could liquidate the assets of the business and distribute the proceeds to your creditors.

    If you file a Chap 13 and cannot exempt your interest in the LLC, then you can keep your interest, as long as your plan pays to unsecured creditors at least the non exempt value of the business.

    This is definitely something you should discuss with attorneys when you go for free consultations.
    Last edited by LadyInTheRed; 10-20-2014, 01:43 PM.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


      #3
      Thanks Lady!

      This is the main reason why I am going with an atty and not going pro se.

      Thanks again!

      Comment

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