Meadville, PA asked in Bankruptcy for Pennsylvania

Q: I had an LLC from 2011 I have no assets under that LLC and it's void

I'm going to be declaring Chapter 7 bankruptcy what will happen to that old LLC

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2 Lawyer Answers
W. J. Winterstein Jr.
W. J. Winterstein Jr.
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Boyertown, PA
  • Licensed in Pennsylvania

A: You again?!! Lol

The ownership interest (your shares of stock, etc.) in the LLC will become property of the bankruptcy estate, over which the bankruptcy trustee has possession and control. If there is no value in the LLC that can be sold/turned into money, the trustee will abandon that asset, and it will revert to you.

You should probably look into filing Articles of Dissolution with the Secretary of State of the state where you incorporated the LLC.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: It will become property of the bankruptcy estate and likely abandoned back to you if worthless.

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