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What if the LLC has assets and you are filing for bankruptcy?
Sarasota, FL
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Posted 8 months ago in Limited Liability Company (LLC)
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I am filing chapter 7 personally in the state of Florida. I have an LLC in which I own several horses. Three are breeding mares and 1 is a race horse in training. I am truly concerned that the Chapter 7 Trustee could claim them and a horse trailer that I own free and clear personally. Do you think they might come after my horses?
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Answers (3)
David Michael Goldman
This attorney is licensed in Florida.
Posted 8 months ago.
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You would have to look a when the LLC was formed, why type of LLC it is, what state it was formed in, and if the LLC has multiple members. You should review this with a bankruptcy and asset protection attorney.
David Goldman Apple Law Firm PLLC 331 East Monroe Street Jacksonville, FL 32202 Tel (904) 685-1200 Fax (904) 212-0678 http://www.JacksonvilleLawyer.pro/ http://www.GunTrustLawyer.com/ http://www.FloridaEstatePlanningLawyerBlog.com/ 
Gary Howard Bass
This attorney is licensed in Florida and 1 other state.
Posted 8 months ago.
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The first question to be answered is what your position is with the LLC Look at the terms of your operating agreement that talk about what happens if there is a bankruptcy filing by a member. It could be termination of the LLC, dissolution of the company, or an option for other members to buy back that member’s interest. But it’s unlikely there will be a true forfeiture. However, the shares of an LLC owned by a shareholder could be used to satisfy creditors.
See a good bankruptcy lawyer before venturing into Chapter 7 land. 
Laura Mcfarland-Taylor
This attorney is licensed in Illinois.
Posted 8 months ago.
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You should read this: Bankruptcy: Can I Keep My Horse? http://tinyurl.com/cmvo8w and then contact a bankruptcy attorney in Florida who has an understanding of the horse business. Please feel free to contact me for a referral.
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