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Can I put the LLC in bankruptcy if I am only a 50% member,

Customer Question
Can I put the...

Can I put the LLC in bankruptcy if I am only a 50% member

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Ca and no

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No

Submitted: 9 months ago.Category: Bankruptcy Law
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Customer reply replied 9 months ago
My 50% partner will not pay his 50% of the Real Estate payments. He has not made 1 payment after escrow closed 9 months ago. I cant afford to keep making his payments and mine. Can I put the LLC in bankruptcy and stop the lean holders from foreclosing on me?
Customer reply replied 9 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 9 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 15 minutes by:
9/21/2017
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,949
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
Hi - my name is ***** ***** I'll be glad to assist.Who has the authority to do what depends on what the LLC operating agreement says.Generally, the manager has the authority to make that decision; if not, majority usually rules.Thus, you would need to determine what the agreement says and then proceed as it is written.
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Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
If the operating agreement is silent, the default is usually that a majority vote rules.It is possible for an involuntary bankruptcy to be filed, but that is done by creditors.....not members.
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Customer reply replied 9 months ago
I am the president
Customer reply replied 9 months ago
what are my recourses? He got me into this real estate deal just to extort me. He had no intensions of ever paying anything.
Customer reply replied 9 months ago
Are you there?
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
Your recourse depends on what authority you have.
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Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
If you're unclear, it is probably best to have a local bankruptcy lawyer look at your corporate documents and advise you.
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Customer reply replied 9 months ago
We are both 50% members. But it says if one member has to pay more than the other he is in violation of the agreement and I can get attorney to make him pay
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
Hopefully, your operating documents give you the right to file as president.
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Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
The provision for him to pay you back is a private claim between the individuals.....and isn't a cause of action for the Company.
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Customer reply replied 9 months ago
what do you think I should do? I cant keep paying for both of us because I am almost out money.
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
You can privately sue him for the amount/s due.....and that may necessitate dissolving the company, which could lead to bankruptcy in order to avoid claims of creditors.
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Customer reply replied 9 months ago
Ok, I am meeting with a Bankruptcy lawyer on Tuesday but I thought would try am get some peace before then.
Customer reply replied 9 months ago
I have $900,000 more into the property now and I don't know what to do.
Customer reply replied 9 months ago
I bought his ex partners out and the carried the note and they have extorting me for the last 9 months
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
You certainly have the right to sue for the additional capital investment as stated in the agreement. However, whether you can make the decision to file bankruptcy for the company depends on what the agreement says.
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Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
However, you may not need to file bankruptcy. Instead, you may only need to take action to dissolve the company in order to liquidate the assets and recover what you can.
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Customer reply replied 9 months ago
What happens when the note holder start foreclosure? Which they have already told me they were going to do!
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
If the debt isn't paid up, the foreclosure will proceed.Even if you file a chapter 7 bankruptcy, the foreclosure can proceed. A chapter 11 would stop it if you can repay the debt under an approved plan.
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Customer reply replied 9 months ago
I am trying to get them to let me split up the properties and go my own way with my properties
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
You can probably get something like that done theough the court.
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Customer reply replied 9 months ago
I would like to stop the forclosure while I try and get something worked out in court. I think if I can get them thinking they are going to have to go to court they will be more willing to work with me. Do you have any ideas on how I should do that?
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
The only way to stop foreclosure -- other than bringing the loan current -- is to file chapter 11.
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Customer reply replied 9 months ago
I cant keep paying because they wont work with me if I keep paying. They just keep telling me if I don't payments they are going to foreclose on me. Now I'm out of money and I need to protect the 2mil I have into it.
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
Understood. Your best bet is probably to file bankruptcy -- after you figure out how your plan allows it -- and then work of filing your individual suit against your partner. W
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Customer reply replied 9 months ago
Would a good attorney be able to figure out how to file bankruptcy? The attorney that wrote the operating agreement said that is what I should do. He just wasn't sure how to do it because he is not a Bankruptcy attorney.
Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
It's not so much about the attorney as it is that the agreement has to give you the authority to take that action.
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Bankruptcy Lawyer: Roger, Attorney replied 9 months ago
Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I receive credit for assisting.
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