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I'm going through a divorce this process has greatly

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depreciated my funds I'm in...
I'm going through a divorce this process has greatly depreciated my funds I'm in debit substancially . I'm considering taking bankruptcy .
Would putting my LLC into a trust protect it from the bankrubtcy I'm the only member in the LLC .
So if I filed personal bankruptcy would the LLC be protected if it was in a trust .
Or should I sign the LLC half over to another individual making them fifty percent owner of the LLC .
Would that protect it ??
Submitted: 2 years ago.Category: Estate Law
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2/29/2016
Estate Lawyer: Loren, Attorney replied 2 years ago
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 37,953
Experience: 30 years experience in the practice of estate law.
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Good day. I am Loren, a licensed attorney, and I look forward to assisting you.

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Customer reply replied 2 years ago
Thank you
Customer reply replied 2 years ago
What's the best way to protect the LLC in a personal bankruptcy
Customer reply replied 2 years ago
Trust or giving half of LLC to another party ?
Estate Lawyer: Loren, Attorney replied 2 years ago

A revocable trust provides no protection from creditor claims since the assets remain in your control.

Signing half the assets over to a third party would not work either since the bankruptcy trustee can void the transfer as a transfer in contemplation of bankruptcy for the purpose of defrauding creditors.

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Estate Lawyer: Loren, Attorney replied 2 years ago

While the assets are protected if the are held in an LLC, your LLC interest is subject to a charging order or attachment by creditors.

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Estate Lawyer: Loren, Attorney replied 2 years ago

Frankly, protecting nonexempt assets in personal bankruptcy is very difficult, but the list of exempt assets can be quite extensive and can cover homestead, personal property used for work, cars, etc.

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Customer reply replied 2 years ago
These are properties I had to buy from her . So theirs a bank mortgage on them all they hold the Deed of trust
Estate Lawyer: Loren, Attorney replied 2 years ago

As secured creditors then they will be entitled to foreclose on the collateral.

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Customer reply replied 2 years ago
The bankruptcy would be on credit cards I had to use to pay bills etc . During this process . I can't work I'm long term disabled
Estate Lawyer: Loren, Attorney replied 2 years ago

The bankruptcy would affect all assets.

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Customer reply replied 2 years ago
I'm going to continue to pay on the bank note that holds the deeds to the properties they wouldn't be included in the bankruptcy
Estate Lawyer: Loren, Attorney replied 2 years ago

If you can not work you would only qualify for chapter 7, which is a liquidation, not a reorganization.

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Estate Lawyer: Loren, Attorney replied 2 years ago

You would likely be in default of the note by filing bankruptcy, even without scheduling the debt.

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Customer reply replied 2 years ago
what's your suggestion ? The bank holds the deeds to the properties and their all in the LLC
Customer reply replied 2 years ago
I'm gonna continue to pay the note on the properties in the LLC
Estate Lawyer: Loren, Attorney replied 2 years ago

Talk to the credit card companies first and see if you can arrange for some sort of relief from them without filing for bankruptcy. They may allow interest only payments or some other sort of forbearance to assist you and keep you out of bankruptcy.

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Customer reply replied 2 years ago
Okay I will . But if I decide to go bankruptcy would the LLC and properties be at any risk if the bank holds the deeds ?
Estate Lawyer: Loren, Attorney replied 2 years ago

Probably not, though the LLC membership interests (not the properties themselves) may have to be scheduled as assets.

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Customer reply replied 2 years ago
Okay thank you
Estate Lawyer: Loren, Attorney replied 2 years ago

You are very welcome. If you have no further questions, and have not yet done so, please remember to leave a favorable rating (Excellent or Good) so that I am credited for assisting you. A bonus is not required, but is always appreciated.

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Estate Lawyer: Loren, Attorney replied 2 years ago

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.

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