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Brent Blanchard
Brent Blanchard, Bankruptcy Attorney
Category: Bankruptcy Law
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Experience:  Twelve years experience in all aspects of debtor & creditor BK.
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Situation Condomonium HOA is near bankruptcy. Thus, because

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Situation:
Condomonium HOA is near bankruptcy. Thus, because I rent my condos, would it be a smart idea to move my units to a LLC in TX?

Also, one of the homeowners has filled a slander defamation and libel case against 8 homeowners in this turmoil. Thus, do you have a recommendation for a lawyer who specializes in slander, defamation and libel?

My name is Francine, and I’m a Moderator for JustAnswer.

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Fran
JustAnswer Moderator

My name is Francine, and I’m a Moderator for JustAnswer.

Thanks for your question!

I'm sorry that you haven't received an answer yet. The response rate on JustAnswer is usually over 95%, but sometimes questions go un-answered when:

1. the question may be unclear
2. the question seems to require an answer for something that cannot be explained online adequately
3. the Experts that are online simply don't have the resources to answer your question fully
4. the question price you selected is too low for the complexity of the question

Please feel free to re-word your question or increase the price if you feel that may be the reason. Of course you are not required to increase the price. :)

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Best,


Fran
JustAnswer Moderator

Thank you for your question.

The form of ownership of units in an HOA does not alter the ownership rights, whether the HOA is in bankruptcy or not. The HOA "owns" or at least controls the common areas, and each unit-owner has his, her, or its own property rights exclusive to the unit owned.

An LLC's functions are to first, separate the financial affairs of the business from its owner(s), and second, to separate potential liability for the business's activities from the owner's/owners' personal finances. If Bill Gates cracks his head on the front steps, you really, really want the business to be on the hook, not your own house!

So, yes, it's a good idea to put rental properties into an LLC, but for other reasons.

I do not see any advantage to a unit-owner to put a condo unit into an LLC, with relation to the financial condition of the HOA itself.

The terms of service on this site prevent it being used to hire an attorney. I suggest that you use the TX Bar Lawyer Referral Service: http://www.texasbar.com/AM/Template.cfm?Section=Lawyer_Referral_Service_LRIS_

Thank you.

BAB.
Brent Blanchard, Bankruptcy Attorney
Category: Bankruptcy Law
Satisfied Customers: 1975
Experience: Twelve years experience in all aspects of debtor & creditor BK.
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