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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2878
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am filing for personal bankruptcy in Arizona. I am a partner

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I am filing for personal bankruptcy in Arizona. I am a partner in a multiple member LLC in the state of Nevada (this corporation has minimal assets at this time). Do I need to list the Nevada LLC bank account on my personal bankruptcy filing? The other Nevada LLC members are not filing for bankruptcy (either personal or corporate). Thanks for your help!

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Customer:

Thanks Terry for your quick response!

Terry L. :

You would not have to list the bank account on your bankruptcy unless you are named on the account as an individual (as opposed to as an LLC member)

Customer:

I am named as the corporation and sole signatory. My I transfer the signatory to the other members?

Terry L. :

The value of the business should be listed on schedule B, and that value can be determined by adding up the value of the assets of the business, subtracting the liabilities, then dividing by your percentage ownership to show what the value is.

Terry L. :

This does not account for good will etc, but if the business doesn't have a long standing history, it isn't much.

Terry L. :

If the value of your interest is so large, the trustee could request the other owners to buy you out to get to the cash value to pay your creditors.

Customer:

This business has been in operation for 5 years, and has less than 5,000 dollars in assets at this time.

Terry L. :

if the biz owes more than it has in the bank account and has no real assets, then you should be fine

Terry L. :

any other questions?

Customer:

Thank you than I may exclude it from my filing? Please advise.

Terry L. :

it must be listed, but it has no value so shouldn't be a problem

Customer:

Thanks Terry for your help. Will email you again if needed! Have a great day!!

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