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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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A company (DE LLC) may file Chapter 7. I was a 30% owner and

Customer Question

A company (DE LLC) may file Chapter 7. I was a 30% owner and the sec/treas during 2006 through 2008. I made substantial loans then and have a promissory note and other documentation. I was not an officer since December 2008. In January 2010 I sold my complete interest in the company. (1) If the company files Chapter 7 would I have priority status along with the other unsecured creditors like vendors and landlords, or would I have a lower priority than unsecured general creditors (as does loans made by the managing 50% owner who is the LLC president) because I made these loans while a minority shareholder and/or an officer of the LLC (although I have been neither for some time)? (2) If I do have a lower priority than general unsecured creditors, then does that change with time? In other words if I should not be an owner for more than a year would that change anything? (3) If I am in the pool of unsecured creditors, and a higher priority than any debts owed to insiders who both loaned the company money an ran the company, would the amount of the return to me (if any) be prorata with the other general unsecured creditors? Thank you.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 7 years ago.

My name is Francine, and I’m a Moderator for JustAnswer.

I'm sorry you haven't received an answer yet.

The response rate on JustAnswer is usually over 95%, but delays can result depending on the number of Experts online, the question volume, and the difficulty level of the question. Reponses can also take longer if the question is unclear, so you may want to look yours over and reword it if you feel that could help.

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Customer: replied 7 years ago.
I asked the question yesterday which was a holiday. Lets ask the question again as is and see what happens today please. Thank you.
Expert:  Fran-mod replied 7 years ago.

I have a suggestion for you which may help you. Your question has multiple parts and you may have a better chance of getting a reply if you break this into three questions. You're a subscription customer, so you can do so at no cost to yourself, and it would make the question less time-intensive for the expert, which could increase your chance of a response.

If you want me to close this one down so that you can relist, please let me know.


Moderator, JustAnswer

Edited by Fran-mod on 9/7/2010 at 2:36 PM EST
Customer: replied 7 years ago.
The first two questions do go together. Yes, please close it down. I will resubmit it shorter and simpler. Thank you.
Expert:  Fran-mod replied 7 years ago.

They all are related, but if you ask them one at a time, you are likely to increase your chances of a quick reply. You can post the first, ask the second as a follow up once it's answered, and so on. Up to you, of course.

I'll close this one.
Customer: replied 7 years ago.
I just received a cancelation notice for my one-month subscription but it is not yet a month so I don't quite understand. The notice did say that you were refunding to me the "current" month's $40 which I take it is the $40 I paid around August 20th. Could you give me some explanation as to what happened here. Thank you.
Expert:  Fran-mod replied 7 years ago.

When I looked earlier your subscription membership was intact, but I do see now that it has since been revoked. I will see to it that someone from billing gets back to you on this.