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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I have a Single Member LLC with a judgement against the LLC

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I have a Single Member LLC with a judgement against the LLC which can't be paid. I'm in the process of looking for an investor and in turn trying to negotiate the amount of the debt to a mutually agreeable level. In the interim, I was mandated to appear for a Citation to discover assets hearing, which I did. Now they've come back with a request for further documentation. With that said, can I still utilize the bankruptcy process to halt this process if I so choose? Thanks! JL
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 2 years ago.

cortrightlaw : Yes you can either file a chapter 7 which is a liquidation or a chapter 11 to reorganize the LLC and the debt. The chapter 11 might give you more leverage in negotiating a reasonable pay off on the judgment.
Customer:

I attended a Citation to discover assets hearing about 6 weeks ago. My business attorney received subsequent correspondence from the plaintiff's counsel that conducted the hearing shortly thereafter but didn't forward it to me until this week because my firm is delinquent in paying legal fees.

Customer:

With that in mind, opposing counsel is now attempting to get me to commit to a continuation of the Citation meeting in his office at his time convenience. I'm not against such a meeting but the time-frame suggested does not work for me due to previous commitments along with a fairly short preparation time to locate the additional documentation. How much time leeway in scheduling this meeting do you think I may have? Also, I may need to either find new representation prior to or attend without counsel, which doesn't seem like a good idea.

Customer:

I'm not certain but I'm being asked for information that leads me to believe they may be exploring an "unjust enrichment" case? I'm seriously considering taking my company into BK prior to this meeting which I believe would put an automatic stay in effect, correct?

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and 2 other Bankruptcy Law Specialists are ready to help you

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cortrightlaw
cortrightlaw
Attorney
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Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.