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Due to the horrific real estate market in Florida my home is now only worth 1/3 of what I paid back in 2006. I stopped making the payments and I am in active foreclosure. I want to discharge the debt after the auction by filing Chapter 13. The only income I receive is thru my single member LLC formed in Maryland license to operate in FL. Is my out of state LLC protected/exempt if I file for bankruptcy in FL? I hear that the bankruptcy courts treat the single member LLCs differently than they would have been treated if the LLCs had multiple members. Is this true in FL? Do I need additional membership for protection? Does it make a difference that the LLC is domicile in Maryland?
LLC (limited liability company) Chapter 7 bankruptcy for businesses Chapter 13 bankruptcy for businesses Business real estate Bankruptcy Chapter 7 bankruptcy Bankruptcy court Chapter 13 bankruptcy Debt Bankruptcy and debt Chapter 13 bankruptcy reorganization plan Foreclosure Real estate and bankruptcy Real estate Business State, local, and municipal law State court