I own a single member LLC. It owns 3 apartment buildings. I am a member in a 2 person LLC. That LLC is in Bankruptcy- Chaper 11. One of the buildings we own will be absolutly foreclosed on and the other my partner is trying to save. I gave the personal guarantee on the mortgage of both buildings. Everyone thinks I am crazy to not get an attorney (the bankrupcty attorney won't advise due to conflict) I say "what's done is done." My Question-- Is there anything I can do. Will the IRS 1099 me for the deficency? Will the lender come after me? What can anyone do to me?
I appreciate your fast response. And I am/familiar w/Deed In Lieu. My question truely is only the last question. What can anyone do to me? Theoretically my net worth is zero.
But I have apartment buildings.(with zero equity) I have zero 1099 income. What can the lender do to me with a judgement? What can the IRS do? Thanks-
We are getting close-thanks. The answer is so obvious to you, you can't see it.
1) Will I have legal battles (court appearances etc) or can I just ignore everything?
2) With a judgement can they force any action on me. i.e. force me to sell a $6,000 boat. I was told they can lien the properties for when I sell them. The proerties are in LLC's- however I own shares of the LLC's (don't I?) so I would think they aren't protected.
I think we'll get it thiis time- Thanks
Loren- I was this close to wrapping this up. In this day and age Do you think a bank would go to the trouble to get a $100,000 judgemnt from a guy who is worthless? -Thanks
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