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LLC Business Partner is Ch 13 Business Bankruptcy

Discussion in 'Bankruptcy Law' started by sclair1224, May 9, 2011.

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  1. sclair1224

    sclair1224 Law Topic Starter New Member

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    Facts:
    My ex and I have a store. He's filed (meets with trustee this month) Ch 13. He claims he's not involving the store (don't know what if any truth to that is). MOST of the debt he has is from opening the store, but some of it was to buy investment properties and is on the items he kept in the divorce-I took nothing. The business is an LLC and I own 51%. We haven't made regular payments to our debtors in years. Through the years, we have settled about 65% of the original debt by calling and agreeing on lump payments. The store is failing and I'm the only one working in it. I was paying myself (W2) $1k per month gross when the store brought in enough to be able to afford it after bills.

    My question:
    Can I legally go and take 50% of the property before he liquidates the assets himself? I'd leave the store in tact to be able to do some business. Only taking things that don't prevent him from continuing the business until he completely runs it into the ground.
     
  2. army judge

    army judge Super Moderator

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    You should consult an attorney BEFORE you do anything.

    This is even more important now that a BK is involved.

    The issue of business property is most likely determined by your partnership agreement, assuming you had one.

    You should take that when you visit the attorney.

    I'm an attorney, but I wouldn't rely on advice solicited over the Internet. This isn't a traffic ticket or some minor legal issue.

    This could involve federal bankruptcy law, your partnership agreement, contract law, and possibly federal criminal law if one of you does something stupid.

    If you can't afford an attorney, I suggest you take or do nothing until you can afford an attorney.
     
  3. sclair1224

    sclair1224 Law Topic Starter New Member

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    Thank you for your reply. What kind of attorney should I even be looking for? Do you have any idea of what cost would be involved?
     
  4. army judge

    army judge Super Moderator

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    Start with a general practitioner.

    Give a couple a call and they'll tell you.

    Normally the initial consultation is FREE!!!
     
  5. alexsim2000

    alexsim2000 New Member

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    Thanks for this nice post
     

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