Legal Question in Bankruptcy in Georgia

I have probably 15 to 20K in credit card debt. I have a court judgment from a civil case of 40K. The judgement is against me and with no leins against any property I own. I own a company (LLC) that owns a property worth about 70K. My company was not a party in the civil case, but owes a little money itself (5k?). Is it possible for me to personally declare chapter 7 and continue to own my LLC without liquidating it? I'd like to keep my business intact. Or could I give it (the LLC) to a family member?


Asked on 12/10/09, 8:30 am

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

I'd need a lot of detailed numbers you didn't post to answer you as to whether you could retain the LLC, but I suspect you would lose the LLC. If you do transfer it, that would usually be a fraudulent conveyance that would get the transferee sued, lose both of you the company and might prevent a 7, so do not do that without seeing a lawyer.

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Answered on 12/15/09, 11:16 am


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