Is inventory "tools of the trade?"
Posted: Thu Jun 22, 2017 1:49 pm
Case is in Idaho.Debtor has a small amount of inventory (herbal
supplements) ($2K).
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?
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
Case is in Idaho.Debtor has a small amount of inventory (herbal supplements) ($2K).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?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
The post was migrated from Yahoo.