Central District Consumer Bankruptcy Attorney's Association

Dissolution of the LLC effectuatesa transfer of the real property from the LLC to the debtor which may have tax consequences.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Thursday, March 6, 2014 6:27 AM, Stella Havkin wrote:
In most states, the LLC can be reinstated with a form.
Sent from my Stella Havkin's iPad
On Mar 5, 2014, at 10:00 PM, Holly Roark wrote:
>Debtor filed a personal BK. He had a single member LLC that owns real property which is not worth much (approx. $30K). The LLC has debts against it which reduce the equity in the LLC to about $15K which we can exempt. BUT, the Debtor filed a dissolution of the LLC postfiling and pre341(a). So, I am not sure whether the debts of the LLC still offset the equity in the property, or whether it's as if he was just a dba. The property is in the name of the LLC.
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>[Ultimately, it may not matter because the property is a big liability, is in a high crime area out of state, and probably unsellable, but just in case, I need to understand the effect of him dissolving the LLC after filing.] I understand that the debtor may not have had the authority to dissolve the LLC since it's property of the estate, but it's done already.
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>Holly Roark
>Certified Bankruptcy Specialist*
>holly@roarklawoffices.com**primary email address**
>http://www.roarklawoffices.com/
>Central District of California
>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
>
>**For a quicker response, email me at holly@roarklawoffices.com.
>I only use gmail for my listservs, and am likely to miss private emails >directed to my gmail account.**
>

The post was migrated from Yahoo.

In most states, the LLC can be reinstated with a form.
Sent from my Stella Havkin's iPad
> On Mar 5, 2014, at 10:00 PM, Holly Roark wrote:
>
> Debtor filed a personal BK. He had a single member LLC that owns real property which is not worth much (approx. $30K). The LLC has debts against it which reduce the equity in the LLC to about $15K which we can exempt. BUT, the Debtor filed a dissolution of the LLC postfiling and pre341(a). So, I am not sure whether the debts of the LLC still offset the equity in the property, or whether it's as if he was just a dba. The property is in the name of the LLC.
>
> [Ultimately, it may not matter because the property is a big liability, is in a high crime area out of state, and probably unsellable, but just in case, I need to understand the effect of him dissolving the LLC after filing.] I understand that the debtor may not have had the authority to dissolve the LLC since it's property of the estate, but it's done already.
>
>
>
> Holly Roark
> Certified Bankruptcy Specialist*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California
> 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
>
>
>
> **For a quicker response, email me at holly@roarklawoffices.com.
> I only use gmail for my listservs, and am likely to miss private emails
> directed to my gmail account.**
>
>

The post was migrated from Yahoo.