It's definitely better to do it before filing for bk as opposed to
attempting to substantively consolidate afterwards because the judge can
deny consolidation. If your client only wants to discharge his personal
liability, what's the purpose behind dissolution of the entity?
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
On Tue, Feb 3, 2015 at 4:17 PM,
webblaw@earthlink.net [cdcbaa] wrote:
>
>
> Steve,
>
>
>
> The transfer from an LLC to the individual is a change in ownership that
> will trigger reassessment, and transfer fees. Why does he want to transfer
> the property?
>
>
>
>
>
> Best regards
>
> Larry Webb
>
>
>
> [image: blslogo]
>
> California Board of Legal Specialization
>
> Certified Specialist in Bankruptcy Law
>
>
>
> State Bar of California 229344
>
> Central District California
>
> "A Debt Relief Agency"
>
> Check out my Blog
>
>
>
>
>
> Larry@webbklaw. com
>
> Law Offices of Larry Webb
>
> 484 Mobil Ste 43
>
> Camarillo Ca 93010
>
>
>
> P 805.987.1400
>
> F 805.987.2866
>
> C 805.750.2150
>
>
>
> Law Office Larry Webb Bankruptcy Attorney
> The following notice is required by the United States Supreme Court's
> interpretation of *11 U.S.C. 101(12A): The Law Offices of Larry Webb is a
> Bankruptcy Attorney Debt* Relief Agency as defined by 11 U.S.C. 101(12A)
> of the Bankruptcy Code. We help people file for relief under the Bankruptcy
> code. Bankruptcy is a Federal Court Proceeding that supersedes State Court
> Civil Litigation
>
>
>
>
>
>
>
> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com]
> *Sent:* Tuesday, February 3, 2015 1:06 PM
> *To:*
cdcbaa@yahoogroups.com
>
> *Subject:* RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> Dissolving it is a good idea. He wants to do that anyway. Or cancel I
> think is the term used up in Sacramento at the SOS. I would then still
> need to do a deed.
>
>
>
> Anti-deficiency since hes filing a bankruptcy I think would not be an
> issue.
>
>
>
> Thank you again Gary and Jason.
>
>
>
> Steve
>
>
>
> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, February 03, 2015 12:32 PM
> *To:*
cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> Garys idea works too. The irony of the prior attorneys advice about the
> layer of protection, is that it also takes away anti-deficiency protection
> that debtor would have had if he just borrowed the money as owner. Don> know if that is an issue.
>
> Jason
>
> Jason Wallach
>
>
jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 12:14 PM, 'Gary R. Wallace'
garyrwallace@ymail.com
> [cdcbaa] wrote:
>
>
>
>
>
>
> In that event, how about dissolving the LLC pre-filing and, as part of the
> dissolution, distributing the property (and title thereto), to the debtor?
>
>
>
> Gary R. Wallace
>
> Law Office of Gary R. Wallace
>
> 4551 Glencoe Avenue, Suite 300
>
> Marina del Rey, CA 90292
>
> Email:
garyrwallace@ymail.com
>
> Office: (310) 775-8719
>
>
> ------------------------------
>
> *From:* "'Steven B. Lever'
sblever@leverlaw.com [cdcbaa]"
cdcbaa@yahoogroups.com>
> *To:*
cdcbaa@yahoogroups.com
> *Sent:* Tuesday, February 3, 2015 12:00 PM
> *Subject:* RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The entity is just an empty vessel with no creditors or assets other than
> the real property. It was to build a layer of defense in his asset
> structure on the advice of a prior attorney. Thank you Jason.
>
>
>
>
>
> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, February 03, 2015 11:53 AM
> *To:*
cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The bad faith question turns, I think exclusively, on whether the LLC has
> any unsecured creditors, or any other assets. If not, and if client is the
> sole owner, I dont see the problem. So, is it a fraud on creditors of the
> LLC? Thats where the analysis would start.
>
> If he is the sole owner of the LLC, and you check the right box on the top
> of the deed, there should be no property tax reassessment consequences.
>
> Jason Wallach
>
>
jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever'
sblever@leverlaw.com [cdcbaa]
> wrote:
>
>
>
>
>
> I have a client who owns a commercial property where he also lives, and
> owns it in the name of an LLC. He personally guaranteed the debt. He has
> other personal debt I want to discharge and want to file only one
> bankruptcy.
>
>
>
> Is it bad faith to transfer the property to him and then file the case?
>
>
>
> Are there any other issues, tax or otherwise I should consider before
> transferring the property into him as an individual?
>
>
>
> Steve
>
>
>
> Law Offices of Steven B. Lever
>
> >
>
> > Steven B. Lever
>
> >( Tel. (562) 436-5456 ext. 1
>
> >( Fax (562) 485-6886
>
> >*
sblever@leverlaw.com
>
> >
www.leverlaw.com
>
> >
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
It's definitely better to do it before filing for bk as opposed to attempting to substantively consolidate afterwards because the judge can deny consolidation. If your client only wants to discharge his personal liability, what's the purpose behind dissolution of the entity?"gmail_signature">Sincerely,Michael Avanesian, Esq.AVANESIAN
LAW FIRM101
N. Brand Blvd., PH 1920Glendale,
California 91203Tel:
818.276.2477 Fax: 818.208.4550
On Tue, Feb 3, 2015 at 4:17 PM,
webblaw@earthlink.net [cdcbaa]
The post was migrated from Yahoo.