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[BK] Is inventory "tools of the trade?"
I can tell I have no slept in a while. I could have been clearer. It
appears that the LLC owns the inventory, so I'm not sure what I was
thinking trying to exempt it in a personal case. In Idaho, I can't exempt
the equity in the LLC but there doesn't appear to be any, so perhaps, the
individual debtor is okay filing without worrying about the LLC's
inventory.
Joshua, yes, I meant pierced in that way.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
On Thu, Jun 22, 2017 at 3:35 PM, Richard E Hawkins wrote:
>
> On Thu, Jun 22, 2017 at 1:49 PM, Holly Roark
> wrote:
>
>> It might not even be an issue. Let me know your thoughts on this. Single
>> debtor has a sole member LLC. LLC has a debt of $6K with an inventor of
>> $2K. Do I even need to exempt the inventory since there's no equity in the
>> business? I understand in a single member LLC, the trustee can pierce the
>> veil, but she'd have to pay the business debt first, correct?
>
>
> If the LLC owns the gunk, the Debtor can't exempt it. He may be able to
> exempt the LLC as a whole, however.
>
> And while inventory not being tools of the trade seems to be the majority
> rule, it is not universal. Nevada, for example, includes inventory as part
> of the tools exemption.
>
>
> --
> The Hawkins Law Firm
> Richard E. Hawkins, Esq.
> (702) 508-8462 dochawk@theHawkinsLawFirm.org
> 3430 E. Flamingo Rd, Suite 232. Las Vegas, NV 89129.
>
I can tell I have no slept in a while. I could have been clearer. It appears that the LLC owns the inventory, so I'm not sure what I was thinking trying to exempt it in a personal case. In Idaho, I can't exempt the equity in the LLC but there doesn't appear to be any, so perhaps, the individual debtor is okay filing without worrying about the LLC's inventory.Joshua, yes, I meant pierced in that way.Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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