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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2832
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hello. I am filing a personal Chapter 7. I own 2 LLCs -which

Customer Question

Hello. I am filing a personal Chapter 7. I own 2 LLC's -which I plan of exempting (protecting). They are film production companies, but they don't generate any income, there are no employees, and I am a co-owner of the one LLC. Should I have any problem using these as exemptions? In other words, you don't think the Trustee will try and take my LLC's- which are worth no income?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

The trustee only wants to liquidate assets that have value.

Terry L. :

if the businesses have no assets, no income etc, then there should be no issue

Terry L. :

Basically, if they are in name only and not worth anything, then the trustee won't worry about ti

Terry L. :

it

Terry L. :

let me know if you have any quesitons.

Terry L. :

Thanks

Terry L. :

Terry

JACUSTOMER-ae1hwpfp- :

still there?

JACUSTOMER-ae1hwpfp- :

sorry, didn't know this was a real-time chat

Terry L. : I will change it to Q n A. Let me know any other questions
Expert:  Terry L. replied 3 years ago.
Did you have any further questions? If so, let me know. If not, then click accept to close the question and rate my answer. THanks
9:14 AM
Terry

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