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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3301
Experience:  Bankruptcy Lawyer. Experienced.
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Customer Question

This question requires an Alabama bankruptcy attorney. My partner and I own 49 low-income rental properties in a Georgia LLC and unfortunately based on some decisions that were made by our bank last year, we now may have to declare bankruptcy.

My partner resides in Alabama. She owns a home that was last appraised at $450k (probably valued closer to $380k now) and has a $220k LOC on it that is maxed (was used to support our LLC). She also owns 2 rental ppties in a separate Alabama-based LLC and has been relying on the distributions for living expenses.

The question is - if we have to declare bankruptcy and give the GA properties back to the bank and they come after us (which knowing this bank, they will try to given the huge depreciation on these homes), is she at risk of losing everything: her home? the LLC? or possibly even the distributions from the LLC? Does her Alabama location, or the fact that the 2 ppties are in a totally separate LLC afford her ANY protection?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 1 year ago.
Hello. I noticed that your question has not yet been answered. I suspect it's because specifically request an Alabama bankruptcy attorney. It's possible that an Alabama bankruptcy attorney is not online now.

I am a bankruptcy attorney, but not in Alabama. However, bankruptcy law is primarily based upon federal law, so it's mostly the same all over. State law does come into play a little, but I am certainly capable of reviewing relevant Alabama law. If you would like for me to answer your question rather than waiting, please let me know and I will be happy to assist you. If not, however, that is fine as well, and I will opt out of this question so that an Alabama bankruptcy attorney can eventually respond.

Please let me know your preference. Thank you!
Customer: replied 1 year ago.

Thank you very much for your note however for this particular question I am looking for advice pertaining to Alabama bankruptcy law and some of the nuances that may or may not enable my partner to protect her assets.


 


There is alot more that could be said, but suffice it to say the bank put us in the situation we are in by "hinting" that they would not renew loans we had with them on 39 properties unless we took on 10 properties they were trying to get rid of. The 10 properties were in disrepair and the result is we are most likely going to be filing bankruptcy (and the bank will be finding someone to take on these 49 properties).


 


Sooo, given their current practices, we need to make sure to cover ourselves as best as possible. Which brings me back to the question I am asking - and why I am requesting an Alabama attorney. Although I thank you for your time and willingness to help.

Expert:  TJ, Esq. replied 1 year ago.
No problem. I will opt out and allow another attorney to respond.

I wish you luck, and thank you for using our service.
Customer: replied 1 year ago.
Relist: Incomplete answer.
Expert was not qualified and said he would resubmit the question so that an Alabama attorney could answer it
Customer: replied 1 year ago.
Relist: No answer yet.
Expert:  Roger replied 1 year ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. I practice in Mississippi and Tennessee, and have had some limited experience with Alabama bankruptcies (I represent a few regional banks that have locations all over each state). I think I can answer your question, and if you'd like to continue with me, just let me know. Thanks.
Customer: replied 1 year ago.
Relist: Other.
Thanks but I would really like an Alabama bankruptcy attorney to answer this
Expert:  Roger replied 1 year ago.
Ok. It doesn't appear that there are any Alabama bankruptcy lawyers on the site...If you change your mind, just let me know.

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