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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I have a question about exemptions. I am assuming that joint

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I have a question about exemptions. I am assuming that joint ownership (Me and my LLC) of equipment are eligible for my personal exemptions and if the trustee decides to liquidate the LLC I will receive those exemptions. However the trustee attorneys have filed an Adversary Proceeding against the LLC, a proceeding they will win as I have run out of money to hire another attorney to defend the LLC. Is this a method to bypass my personal exemptions?

cortrightlaw : That would depend on what they are claiming in there adversary proceeding? Can you give me a little more detail please.
Customer: Complaint chapter 7 trustee to avoid and recover transfers pursuant to 11 U.S.C. §§ 548 and 550
Customer: Count One…Fraudulent Transfer against LLC (11 U. S. C § 548)
cortrightlaw : If they are claiming that you transfered personal assets to the LLC and they are trying to undue that transfer then they would be considered personal assets and your exemptions should apply. Have you tried calling the trustee and seeing if you can negotiate a resolution.
Customer: Count Two…recovery of avoided transfers pursuant to 11 U. S. C § 550
Customer: I have not contacted the trustee as I have nothing to offer
Customer: Count Three…unjust enrichment against LLC
Customer: How much background history do you want, it gets complicated.
cortrightlaw : Well you do have an issue if you can't afford an attorney and have nothing to offer them, sometimes they will take less then they are attempting to take and sometimes they will allow you to make payments do you can keep an asset. Other then that our exemptions could be used to protect the propert if you have any left, and you might need to amend your exemptions to protect what you want.
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