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Would it help more in a chapter 13 bankruptcy if I changed

Customer Question
my businesses from a LLC...
Would it help more in a chapter 13 bankruptcy if I changed my businesses from a LLC format to a PCorporation format, or would it be the same question of whether there was any value in the EB-5 start-up company, and the losing venture horse business? If there is no value in the James R Davis EB-5, LLC investment business just geting started, do I have to report it to the Bankruptcy Court?
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 2 hours by:
5/6/2011
Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi JACustomer,

1) The business format does not make a difference for a Bankruptcy filing, unless the format can in some way affect the market value, which is the most important factor.

2) Yes - the debtor must report any companies he has an interest in whether or not those companies are profitable, and even though the company has just stated.

3) The Bankruptcy filing can prevent the sale of a business if the filing occurs before the property is transferred to the new owner, which is always after the auction. In other words, if the Bankrutpcy is filed at any point before the auction, it will prevent - at least temporarily - the sale.

4) The Credit Counseling Certificate must be filed with the Bankrutpcy. It cannot be filed after the Bankruptcy is filed. This course can be taken online or by phone, and takes around one hour, so any debtor should be able to take it before filing.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
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