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 Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 117360
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Type Your Real Estate Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

I am forming a LLC. I wanted to know if I can put a home I

Customer Question

I am forming a LLC. I wanted to know if I can put a home I am buying with some 50%)ownership under the LLc to protect from possible unsecured debt from the past?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: yes illinois
JA: Has any paperwork been filed?
Customer: no the process is started but not completed yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: oh THE LLC will be a actual company .
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 3 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Yes, you can purchase your home in the LLC to avoid judgment creditors or unsecured creditors seeking judgment and placing a lien on the home. In order to avoid them piercing the corporate veil on the LLC you need to make sure you follow all corporate formalities and do not commingle your personal and LLC assets.
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page , as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.