Louisville, KY asked in Bankruptcy and Business Law for Kentucky

Q: What is the risk of filing Chapter 7 as a single owner LLC?

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3 Lawyer Answers
David Luther Woodward
David Luther Woodward
Answered
  • Bankruptcy Lawyer
  • Pensacola, FL

A: Are you speaking of the risk to you, or to the LLC? Are you filing personally or filing the LLC? or Both? or seeking joint administration.

I would suggest that you visit a good BRKTY lawyer to get specific answers to your particular questions.

Good Luck

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Nick Curtis Thompson
Nick Curtis Thompson
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: In Kentucky since you own the LLC solely it is solely your asset. A Trustee may be able to sell assets of the LLC. If the LLC had other members this is generally not possible for the Trustee.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: The LLC is an asset that belongs to you and the trustee can sell it if it has any other value.

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