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.
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.
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