Thomas R. Morris’s Answers

Once the property is abandoned, it will revert to you (presuming that you are still the owner). You will be entitled to collect rents unless there is another person (such as a mortgagee with an assignment of rents) upon abandonment. The precise effective date of the abandonment may be depend upon the terms of the order, if an order is entered, and whether the operation of the order is stayed. I doubt that the trustee will abandon rent he or she already collected. Presumably, it will...

You can serve as the registered agent for the LLC if you do not choose to involve anyone else.

You will know that all scheduled assets have been abandoned when the case is closed. Since you have received your discharge, in most respects you should be able to move on. There is note anything else you can or need to do based upon your question. The closing of the case is an admnistrative matter not dependent upon action by you.

You have not furnished enough information for an attorney to be able to respond meaningfully. I, or any attorney, would need quite a bit more information to identify your husband's options and assist him in choosing among them.

Yes, but the main issue will be whether it can be claimed as exempt. That depends largely upon the value of the home. Beware that the Michigan bankruptcy-specific exemption statute has been ruled to be ineffective. Therefore, the federal exemptions are more certain. The limit for a homestead is approximately $20,000.

Your personal liabilty depends upon what you mean by "company". A corporation or LLC is treated as a separate entity for purposes of liabilty and its owners are not liable for most of its debts. If your "company" is a sole-propreitorship or a partnership, it affords you little or no protection from liabilty. If you are liable, then the question of a judgment creditor's ability to execute against your property depends upon whether the property is "exempt". That's not a question I can...

Possibly. It depends upon the stage of the tax-lien enforcement procedure and whether you are eligible for relief under chapter 13. If you are not eligible, chapter 11 may be an option. I would need more information in order to answer the question. You need to speak to a bankruptcy attorney in order to obtain a more complete evaluation. Give me a call and I could assist you or refer you to an attorney in the Plymouth area who handles chapter 13 cases in case it is chapter 13 which would...

Possibly not. If the maker of the note receives a discharge of the obligation, and it's a pre-petition obligation, then you cannot collect from the maker. As the other attorneys stated, if there is security for the note (such as a mortgage) then he may have a remedy against the collateral. If there is a guarantor or co-maker of the note who is not discharged, then he may have recourse against that co-obligor. He needs to consult with an attorney to explore these possibilities.

options: Wait until case is closed. That will make it yours if it was listed in schedules. File now and maybe you can claim the estate's portion as exempt.

There are two aspects to asset protection: Limited liability, which is provided by an LLC or a corporation, and protection of the assets owned by the LLC or corporation. The latter may be available by owing the membershio interest/ shares jointly if you are married. This is only a short answer. You need to consult an attorney for a more complete plan.