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If I need to declare personal bankruptcy in New York State…

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If I need to declare...
If I need to declare personal bankruptcy in New York State and need to protect my business from creditors what should I create a Corporation or LLC ? This is a small one person operation with no employees.
Thank you !
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 5 minutes by:
5/26/2010
Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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An LLC is the best option for you because it provides adequate protection from personal liability, has the best tax incentives and also has the easiest bookkeeping requirements.

One thing you have to be careful of is transferring assets, property, title, etc. to the LLC and then filing bankruptcy. There is a 1 year lookback period and any transactions that occur within that timeframe can be reversed by the trustee and put back into your personal name. This will allow the bankruptcy trustee to liquidate these assets and use the money to pay creditors.

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Customer reply replied 8 years ago
Thank you, ***** ***** LLC would protect creditors fro taking my business ?
Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
Any business conducted or money made by the LLC is separate from your personal income and property.
Roger
Roger, Attorney
Category: Bankruptcy Law
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Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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