Legal Question in Business Law in Arizona
L.L.C,
In order to protect our in investments if we file bankrupt would you suggest to transfer all our investments to our daughterto an L.L.c.? if so is there a certain amount allowed?
2 Answers from Attorneys
Re: L.L.C,
Scher is right that this could be perceived as a fraudulent transfer. Also, there can be serious legal consequences for fraudulent transfer. If you go to a bankruptcy attorney, he or she may just try to figure out what kind of bankruptcy you should file, and not if you need bankruptcy at all. Will this proposed bankruptcy be a personal or business bankruptcy?
Re: L.L.C,
There are only certain items that are exempt when you file a petition for protection in bankruptcy. Transferring assets to a relative or to an LLC would be looked upon as a fraudulent transfer and would be taken back by the trustee in bankruptcy.
You should seek legal counsel to determine what is the best strategy to follow and perhaps, you should not file bankruptcy.
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