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What if the LLC has assets and you are filing for bankruptcy?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? Attorney answers (3)
Reputation Level 14
Answered almost 3 years ago.
Foreclosure Attorney in Jacksonville, FL.
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/
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Reputation Level 7
Answered almost 3 years ago.
Criminal Defense Attorney in Fort Myers, FL.
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. 
Reputation Level 19
Answered almost 3 years ago.
Trademark Application Attorney in Bolingbrook, IL.
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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