What should I do to protect my bank bals and activity ? bankruptcy??

My LLC has @ $20,000 bnk accts My pers chkg acct. is funded by a $1600 soc sec auto dep/mo. ? (only income) My Assets = joint Home mkt val $550K (was in forclosure.. now re-finan'd. Mortg $100K (1st) + $300k(2nd) My CC Debt $50K w/one (CitiBk) has just filed motion for Summ Fin Judg't. on 10/16/12 in 15th Circ. for $14,000......(wife has Sub S @75k/yr & separate cc debt)

Boca Raton, FL -

Attorney Answers (5)

Lawrence Joseph Marraffino

Lawrence Joseph Marraffino

Bankruptcy Attorney - Gainesville, FL
Answered

You cannot "protect" assets in bankruptcy court. They are either exempt or not. Your residence is exempt under the homestead exemption, social security income is exempt. Money in an LLC is not. You need to consult with an experienced bankruptcy attorney. You may lose some of your property.

Lawrence J. Marraffino
Bankruptcy Attorney

This answer cannot be a substitute for legal advice which requires more information from the client than can be... more
Stephen P. Orchard

Stephen P. Orchard

Chapter 11 Bankruptcy Attorney - Boca Raton, FL
Answered

Bankruptcy may be a viable option for you. I agree that you should consult with a bankruptcy attorney to discuss these issues. Consult as soon as possible because although assets may not be exempt now you may be able to effectively plan your case to maximize those assets prior to case filing.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you... more
Joshua Jonathan Tejes

Joshua Jonathan Tejes

Bankruptcy Attorney
Answered

Debt situations become much more complex when there is a business involved. You need to speak to a local attorney in order to form a plan of action that will protect the maximum amount of your assets.

Michael J Corbin

Michael J Corbin

Bankruptcy Attorney - Faribault, MN
Answered

The short answer is that there is nothing you can do to protect your bank balances. The bankruptcy code allows for certain exemptions, and that's it. Your LLC will be considered a personal asset, so you'll probably lose the $20k you have there, unless the company has legitimate debt obligations (payroll, etc.). The SS and home equity are exempt. Your wife's income and assets will also have to be disclosed even if you file alone. You need to consult with a bankruptcy attorney ASAP.

We can be reached at 507.334.0155 (Toll Free: 888.777.5009). Our web address is: www. corbin-law-office.com.... more
Hale Andrew Antico

Hale Andrew Antico

Bankruptcy Attorney - Santa Clarita, CA
Answered

You have a home with $150,000 equity.
You have an LLC whose assets include $20,000 cash, possibly more.
You have over $1,000 in the bank.

People lose things in Chapter 7. It's called liquidation for a reason.

Seek counsel.

This answer does not create an attorney-client relationship between you and I. I am not your attorney unless we... more

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