Q: I am a silent partner in an llc. I only own 1.85 percent of the business. Can I file chapter 7
A: Not clear what you are asking in relation to your interest in LLC. If your concern is whether you could exempt your interest in LLC in Chapter 7 personal filing it will depend on market value of your small interest in LLC. You should consult with a local bankruptcy attorney to review all the facts of your situation to determine if Chapter 7 is a good option for you.
A:
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 requires careful analysis, it is not always easy to value such an interest. An experienced lawyer should be able to help with your options.
Good Luck.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
