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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16132
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hi again, You have been helping me a lot over the months. The

Resolved Question:

Hi again, You have been helping me a lot over the months. The 2nd debters exam for my C corp got taken off calander just before I was supposed to go. This is probably because I filed personal bankruptcy and they knew piering the vail wouldn't get anywhere. The only thing is now I want to do whatever I can to protect from them in the future calling me in for another exam. They are probably over it at this point but if not and they do call me in again and find out about the new WY LLC I formed and come after it, it could cause some trouble. I would like to have the new company buy the old company inventory at fair market value but I don't think I have enough for the new LLC to pay fair market value. Do you have any suggestions of anything at all that could help?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

hello

WALLSTREETESQ :

Will they buy it during the bankruptcy?

Customer:

no, i had my 341 meeting and just sent in a letter with my attorney to the trustee with some info he requested. My attorney says 99% of the time the trustee will take the 2nd meeting off calander. I have been waiting to make any changes with the old company and start the new until the bankruptcy is final. It should be soon and I want to know the best route to take...or at least do my best.

Customer:

I couldn't start the new company until the bankruptcy is over because it would put value into the new company. The old one has the $50,000 judgement against it so it has no value and gets through the bankruptcy just fine

WALLSTREETESQ :

So you want the new LLC to buy the old Corp assets?

Customer:

yes

WALLSTREETESQ :

Was the $50,000 lien discharged?

Customer:

the judgement is against the corp. They were listed in the personal bankruptcy so they can't come after me personally but to my understanding it will always be there against the corp?

WALLSTREETESQ :

why would you not just transfer the assets into the new corp?

Customer:

I guess I was thinking that if for some reason they wanted to call me in again for another debters exam they could ask something that would require me to say the inventory went to my new company and they could come after it saying it was a fraudulent transfer or something like that? I think it would be best if I somehow wound it down and made the transfer over time or if I had the funds to buy it at a reasonable amount and just continue to pay myself over time to wind down the funds that were paid to the old corp. Do you even think thats necessary, seams like a hassel and difficult

WALLSTREETESQ :

It seems like a hassel, I would transfer the assets to the WY LLC,

WALLSTREETESQ :

The issue of fair market value will allways be a problem, so why bother,

Customer:

do you think they would bother trying to come after it

WALLSTREETESQ :

If their is another creditors exam, file bankruptcy on the corp

WALLSTREETESQ :

It depends if the assets can be sold fast for something of value,

Customer:

its very expensive to file bankruptcy on a corp isnt it

WALLSTREETESQ :

You would file a chapter 7 corporate bankruptcy, the court would liquidate the assets, the costs are the same with a your chapter 7,

WALLSTREETESQ :

If the court sells the assets, your can buy it through your LLC, at an auction price

Customer:

I don't want the assets liquidated, I'm trying to avoid that

WALLSTREETESQ :

they would be sold at an auction, and you could buy it back,

WALLSTREETESQ :

Or you could make an offer for it during court,

Customer:

I would doubt they would want inventory in the first place and if they took the 2nd debters exam off calander they are probably over it right?

WALLSTREETESQ :

yes,

WALLSTREETESQ :

Also, the personal bankruptcy you filed,

WALLSTREETESQ :

Once you filed a chapter 7, they knew that you had no assets for them to recover, and they would be prohibited to seize your personal assets,

WALLSTREETESQ :

I would transfer the assets to the WY LLC, and see what they do,

WALLSTREETESQ :

at that point then you can consider a settlement

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

If I was able to buy the inventory for fair market value from the old corp and then drain the funds that were paid by paying myself and selling a few things in the corp so I'm legitimately working for it and wind it down that way till there is nothing left, will this stop them if they wanted to get through to the new company since it wasn't looted?

WALLSTREETESQ :

It would,

WALLSTREETESQ :

I would wait a few months before taking any action, to see if they are going to do anything

WALLSTREETESQ :

By waiting you may not have to spend any more money purchasing the inventory,

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16132
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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