Meadville, PA asked in Bankruptcy for Pennsylvania

Q: I have been LLC that is not in good standing

and I'm going to be declaring Chapter 7 bankruptcy will this effect of my bankruptcy

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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: The simple answer is that all of your assets, including your shares of stock/ownership interest in the LLC, will become assets of the bankruptcy "estate" which is created when you file for bankruptcy relief. The Chapter 7 Trustee then "steps into your shoes" with respect to those assets, and decides whether to sell them or abandon them.

You don't say whether there are any assets owned by the LL

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

A: No. See my prior answer.

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