How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

When filling bank ruptcy, personell, and one owns an llc but

Customer Question

When filling bank ruptcy, personell, and one owns an llc but state liscence and fees are not current and have not for,four years does one file on assets of llc or should they or I should ask does federal bk laws require ?During the bk process and the individual filer claims to court appointed bank ruptcy trustee that llc has know assets, but on the other hand after the bk they are liqidating assets and keeping funds and not reporting them to the courts.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

What is your Bankruptcy Law question, please? (What would you like to know?)

Customer: replied 5 years ago.
When a personell BK is filed and one has an LLC and 100k in assets but the LLC permits were not kept current. Does the assets af the LLC then fall under personell. BK was filed in 2009 and the LLC has not been current on state fees since 2006 thru 2010
Expert:  cfortunato replied 5 years ago.

If someone who files a personal Bankruptcy owns an LLC, and is the only owner of that LLC, all the assets of the LLC belong to the personal Bankruptcy estate, whether or not the state fees are current.


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



cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
So as to understand correctly if a pesonell bk is filed and does not claim and hides LLC assets and then sells them after the bk is granted, could be classified as BK fraud, and committing purgery to the BK trustee?
Customer: replied 5 years ago.
Sent question at 8:33 it shows did not get answer Thank you
Expert:  cfortunato replied 5 years ago.

Thank you for accepting my answer!

Yes - what you described is Bankruptcy fraud.

Customer: replied 5 years ago.
So far I am liking what I hear! how do I report a fraud to the BK courts
Expert:  cfortunato replied 5 years ago.

The easiest way is to contact the Bankruptcy trustee that was assigned to the case. If you do not know who that is, you can get that information from the clerk at the Bankrutpcy court.

If the Bankruptcy trustee is able to recover hidden assets because of your report, you may be able to get a commission (5%) of the value of the assets the trustee recovers.



Customer: replied 5 years ago.
I tried to get the trustee to do this and he even ask for alist of hidden assets, after I did this he would not return my calls? think he may have been sleeping with this lady. Whom else could I report this too
Expert:  cfortunato replied 5 years ago.
The United States trustee, who is the supervisor of the Bankruptcy trustees. You can also find out who this is from the Bankrutpcy court clerk.