My dad passed and left me 33.3% of our family's ranch. This is in a LLC and my sister and brother will not allow me to sell my shares because they have to be in agreement in order to do so. This is also currently in a court case against my stepmother so I really do not own anything until the settlement is completed and there is no known date for this happening as of now. I do not make any money off of these shares (I cannot borrow against them either) and will never make any money off of the ranch. The ranch is currently insolvent and even when it is not it can only support one family which is not mine and is my brothers. My husband and I have a combined debt of over 100,000 and we have debt collectors coming out of the wood work suing us. We cannot pay our living expenses and need to BK
You can always file bankruptcy but a bankruptcy trustee may be able to find a way to sell anything you own unless it is exempt from creditors as provided by state laws. Then your creditors will be paid something and you will no longer have any interest in the family business. A general description of state exemption laws is at the link below. Hope this perspective helps!
See a good Arizona bankruptcy attorney. Your situation is complicated, but I'm sure there is a solution that will work for you.
My experience with panel trustees is that they have the ability to sell or liquidate just about any asset that can be physically marketed or sold. Unless you have an express exemption for an asset that applies in bankruptcy cases filed in Arizona, the panel trustee would probably be able to obtain a bankruptcy court order allowing your interest in this ranch to be sold to a relative, or to a holding company, or to a Real Estate Investment Trust. If you file any type of bankruptcy here, it should not be a Chapter 7 case. You and your spouse might want to look at a Chapter 13 case instead, and see if you can pay out a Chapter 13 plan over the next 60 months. Filing a Chapter 7 case here just might be a recipe for disaster for any ownership interest you might have in that ranch. Go consult an experienced local bankruptcy attorney concerning these issues.
I agree with the other attys and would fear the trustee taking your share. Please see an experienced bkcy atty in AZ
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As was mentioned by another attorney - your situation is complicated. Even without this complication bankruptcy by its definition is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona consumer bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Please take time to educate yourself about bankruptcy; to that end I am attaching a link to some free videos that explain how bankruptcy works. After educating yourself on the basics then talk to at least two or three experienced bankruptcy attorneys in order to determine which attorney is the best to assist you in the process. Don’t assume the attorney is being completely honest about their experience and capabilities. Check them out. Make sure to talk to the attorney you will be working with, not a staff person. When interviewing the attorney ask them how long they have practiced bankruptcy law. Ask what percentage of their practice is focused on consumer work. Ask whether they are experienced in both chapter 7 and chapter 13 cases. Ask the attorney for references. Ask about their policy of returning phone calls. They should be committed to answering specific questions about your situation and help you understand your options. If, after talking with them you are still confused about the issues you raised, find another attorney. Check them out with the various ranking sources: such as www.AVVO.com, and the State Bar. An attorney is should be your guide through this process. They should educate you, be there to assist you in how to avoid pitfalls and help you plan for your future after bankruptcy. There are hundreds of “bankruptcy” attorneys in Arizona. Of those just a few will fit the criteria set forth above. Again, bankruptcy is a very complicated process and you want to use an attorney who will be there when you need them.
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