Can I buy a house for cash or invest in a corporation after filing chapter 7 that is still pending since 8/2012?

Asked over 1 year ago - Tewksbury, MA

I filed a personal chapter 7 bankruptcy in August 2012. Up to date, my case has not been closed and the Trustee told my attorney she is trying to get some information regarding my LLC. I'm very confused as she is not saying exactly whats she wants and I am unable to move forward for fear that she may come after me after I purchase a house or invest in an corporation. Please help as my attorney tells me there is nothing I can do but continue waiting.

Attorney answers (4)

  1. David Eli Larson

    Pro

    Contributor Level 15

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    Answered . This is too little information on which to base an answer. Schedule an appointment to talk with your bankruptcy attorney and keep asking questions until you understand exactly what your situation involves. The trustee is charged with finding assets which can be converted into cash to pay money to your creditors. If your LLC or its assets can be sold in order to procduce cash for distribution to your creditors, that is what the trustee will do. The trustee will keep looking for information about the LLC until the trustee determines whether the trustte can get any money from the sale of the LLC or its assets.

  2. Erik Hammarlund

    Contributor Level 18

    2

    Lawyers agree

    Answered . If you have an attorney, ask your attorney.

    That said: If you think that you can get better advice from an anonymous post on an Internet board than you can from asking your own attorney, you may need a new attorney.

    Do you want accurate, personalized, legal advice that you can rely on? You will have to hire an attorney, not ask... more
  3. Alan S Dambrov

    Contributor Level 13

    Answered . Something is not right. Your lawyer should be able to get the court to require the Trustee to reveal what is wanted. If your attorney is flummoxed, or not communicating with you, get a new attorney. You should know what is going on. You don't sound otherwise clueless.
    We would have to know your whole financial circumstances to begin giving you advice.

    This response is intended to give a general overview of the law and should not be treated as legal advice. There... more
  4. John P Corrigan

    Contributor Level 19

    1

    Lawyer agrees

    Answered . Your question implies facts not spoken...where is this cash coming from to invest if you are in midst of Chapter 7 which is liquidation? Better you speak with a BK attorney as you are not giving complete facts as I alluded to in terms of "potential" unreported income/assets and connection to the LLC for which you are clearly worried.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more

Related Topics

Small business LLCs

An LLC (limited liability company) is a business entity that has elements of both a corporation and a partnership (or sole proprietorship).

Bankruptcy

Bankruptcy is a legal way for people or businesses who are no longer capable of paying back their bills to clear these debts and start over.

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