All assets have to be listed at full value regardless of your intention to deal with it. Most likely it can be exempted, that is not included in the bankruptcy process, but the answer can only be determined by a thorough review of all assets, liabilities and cash flow. If you have a substantial...Read more »
Basically you have to list the asset and exempt it on Schedule C for a chapter 7. This is a fundamental issue in bankruptcy law. With this amount of money at stake you should consult with a bankruptcy attorney. Other bankruptcy chapters may require different treatment. Good Luck.
12/31/1998 my father purchased an IRA from Tri-National Development Corp by way of Pensco Custodian FBO, for $19,132.66. On 2/23/2006 Pensco transferred a bond to my father for $18,423, after Tri-National filed for bankruptcy. Bankruptcy proceedings are ongoing under US Bankruptcy Court, Southern... Read more »
Whenever you prepare and file a bankruptcy petition and related documents you must list all assets and debts. Your share of the LLC is an asset. Depending on the value of your share, you may be able to exempt it from being liquidated and distributed to your creditors. This one of the issues that...Read more »
The answer is usually yes. It does depend on all of your circumstances and history. Most clients are best served by keeping all payment current and up to date after the filing. That creates a history of responsibility and on time payments. As a guideline, two years of such experience is usually...Read more »
More complicated is that my unoffical partner has been financing 100% of my inventory. We split profits 50/50. All sales money goes directly to him and then he pays me my cut of profit at end of month. I also have a debt to him of 32K which he takes part of monthly from my profit. My season ticket... Read more »
You are right it is complicated. Someone has to review your financial situation in its entirety. Other than the 32K debt we don't know how much is involved. While some of the value might be exempt there may be other defenses that you would need to execute and/or prepare. Can you trace and prove...Read more »
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