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

Related Topics:
2 Lawyer Answers
W. J. Winterstein Jr.
PREMIUM
Answered

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.

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

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.