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Author Topic: Bankruptcy and sandwich  (Read 2960 times)

Offline Arcus

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Bankruptcy and sandwich
« on: July 12, 2004, 08:36:02 pm »
I do not know if this is the proper forum; however , here I go. I have a sandwich lease option that is in the name of my LLC. I may have to take chap 7 bankruptcy. My question is what will happen to my L/O. I have a 3 year L/O with the seller and a 1 year with the t/b which will expire in sept. 04. Will the LLC protect the L/O? Will I have to disclose my LLC? What happens if t/b exercises and I get a chunk of money within the LLC? I realize these are questions I should ask an attorney;however, I would like some input in order to keep my attorney honest(ha). Any input would greatly be appreciated.

Offline $Cash$

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Re:Bankruptcy and sandwich
« Reply #1 on: July 12, 2004, 09:50:25 pm »
Arcus,

Glad to meet you.

I moved your post to the Legal Forum, maybe John Hyre will answer this one.

I think I know the answer, something about failure to disclose assets when dealing with the Federal Bankruptsy Court, but Mr. Hyre would be the one to answer.

John $Cash$ Locke
"If people like you they'll listen to you, but if they trust you they'll do business with you."
"Training gives knowledge, knowledge gives confidence and confidence gives victory."

Offline tedjr

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Re:Bankruptcy and sandwich
« Reply #2 on: July 13, 2004, 10:17:14 am »
Howdy Arcus:

I have been there and did not disclose a property by mistake. It looked bad and the judge pointed to the Marshall and said do I need to get you in handcuffs. I tell you that is not a good feeling. Do not hide assets from the judge. You need to fully disclose all partnerships you are in , all corp, LLC etc. There is room on the forms and questions will be asked about all your affairs ( no not with girls).

It will be up to the judge to decide if income from LLC is actually your personal income. I remember something about comingling of funds and LLC and corp. If you kept the income and expenses totally separate and treated yourself as an employee or contractor for the LLC it may stand alone. If you buy groceries, pay bills with LLC account or money you may not be able to keep LLC assets separate. Just kind of what I rember from previous reading

Just disclose fully and you will stay out of handcuffs
Ted P. Stokely Jr

San Antonio, Texas

 




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