How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask FiveStarLaw Your Own Question

FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3316
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
FiveStarLaw is online now
A new question is answered every 9 seconds

A company (DE LLC) may file Chapter 7. I was a 30% owner and

Customer Question

A company (DE LLC) may file Chapter 7. I was a 30% owner and the sec/treas during 2006 through 2008. I made substantial loans then and have a promissory note and other documentation. I was not an officer since December 2008. In January 2010 I sold my complete interest in the company. (1) If the company files Chapter 7 would I have priority status along with the other unsecured creditors like vendors and landlords, or would I have a lower priority than unsecured general creditors (as does loans made by the managing 50% owner who is the LLC president) because I made these loans while a minority shareholder and/or an officer of the LLC (although I have been neither for some time)? (2) If I do have a lower priority than general unsecured creditors, then does that change with time? In other words if I should not be an owner for more than a year would that change anything? (3) If I am in the pool of unsecured creditors, and a higher priority than any debts owed to insiders who both loaned the company money an ran the company, would the amount of the return to me (if any) be prorata with the other general unsecured creditors? Thank you.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 4 years ago.

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

I'm sorry you haven't received an answer yet.

The response rate on JustAnswer is usually over 95%, but delays can result depending on the number of Experts online, the question volume, and the difficulty level of the question. Reponses can also take longer if the question is unclear, so you may want to look yours over and reword it if you feel that could help.

If you would still like to receive an answer from an Expert, just let me know, and I will do my best to assist you by finding an Expert to help you.

If you have any questions regarding deposits or billing, please feel free to use the help link below:

http://www.justanswer.com/help/contact.aspx


Regards,


Fran
JustAnswer Moderator

Customer: replied 4 years ago.
I asked the question yesterday which was a holiday. Lets ask the question again as is and see what happens today please. Thank you.
Expert:  Fran-mod replied 4 years ago.
Hi,

I have a suggestion for you which may help you. Your question has multiple parts and you may have a better chance of getting a reply if you break this into three questions. You're a subscription customer, so you can do so at no cost to yourself, and it would make the question less time-intensive for the expert, which could increase your chance of a response.

If you want me to close this one down so that you can relist, please let me know.

Regards,

Fran
Moderator, JustAnswer


Edited by Fran-mod on 9/7/2010 at 2:36 PM EST
Customer: replied 4 years ago.
The first two questions do go together. Yes, please close it down. I will resubmit it shorter and simpler. Thank you.
Expert:  Fran-mod replied 4 years ago.
Hi,

They all are related, but if you ask them one at a time, you are likely to increase your chances of a quick reply. You can post the first, ask the second as a follow up once it's answered, and so on. Up to you, of course.

I'll close this one.
Customer: replied 4 years ago.
I just received a cancelation notice for my one-month subscription but it is not yet a month so I don't quite understand. The notice did say that you were refunding to me the "current" month's $40 which I take it is the $40 I paid around August 20th. Could you give me some explanation as to what happened here. Thank you.
Expert:  Fran-mod replied 4 years ago.
Hello,

When I looked earlier your subscription membership was intact, but I do see now that it has since been revoked. I will see to it that someone from billing gets back to you on this.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
FiveStarLaw
FiveStarLaw
Bankruptcy Lawyer
3316 Satisfied Customers
Bankruptcy Lawyer. Experienced.