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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2637
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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i have 3 different llc businesses and 1 business is having a problem i am getting into debt to try and fix it and using money from other business to create and get it started to be recession proof and now i am 40k in debt now have 2 other vehicles bought and used for this business and added on to business and am forced to do marketing of tv commercials to survive and this will be another 15 k estimated to make a big push, now will be 60k in debt and will only have another 40k left of credit i think i may end up needing to go bankrupt if this doesnt work, i know tools are exempt, is there any limit? but vehicles are not, even though they are used, i have to re buy them at estimated value, just wanted to know if previous business i have been having for last 10 yrs, will also i will have to re buy my tools and truck for this business? or or these separated because of seperate llc names and bank accounts? if so then only this business will be affected by this possible chapt 13, i also have a separate paid for trailer house with different location and address, i use for business, as office and tool storage, will this also be protected if i have to do this and cant afford to get out this mess? also since advertising is part of business, will it affect anything if it advertising is used for this llc or does it matter if it is used as whole or part for other businesses including this specific business, as i have 3 home service businesses? just would like to know the rules of how this works in case it is necessary, thanks
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  philip.simmons replied 4 years ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

I will send this on to an expert in Bankruptcy law...just a moment please.

Customer: replied 4 years ago.

where is the answer? or is it still processing?


 

Customer: replied 4 years ago.

i have 3 different llc businesses and 1 business is having a problem i am getting into debt to try and fix it and using money from other business to create and get it started to be recession proof and now i am 40k in debt now have 2 other vehicles bought and used for this business and added on to business and am forced to do marketing of tv commercials to survive and this will be another 15 k estimated to make a big push, now will be 60k in debt and will only have another 40k left of credit i think i may end up needing to go bankrupt if this doesnt work, i know tools are exempt, is there any limit? but vehicles are not, even though they are used, i have to re buy them at estimated value, just wanted to know if previous business i have been having for last 10 yrs, will also i will have to re buy my tools and truck for this business? or or these separated because of seperate llc names and bank accounts? if so then only this business will be affected by this possible chapt 13, i also have a separate paid for trailer house with different location and address, i use for business, as office and tool storage, will this also be protected if i have to do this and cant afford to get out this mess? also since advertising is part of business, will it affect anything if it advertising is used for this llc or does it matter if it is used as whole or part for other businesses including this specific business, as i have 3 home service businesses? just would like to know the rules of how this works in case it is necessary, thanks


 


Optional Information:

Expert:  Wendy-Mod replied 4 years ago.
Hi, I’m a moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 4 years ago.

thanks ill cancel ok thanks anyway

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