Legal Question in Business Law in Georgia

I am a 25% member of an llc in georgia. I was forced to file personal bankruptcy several months prior to signing the operating agreement for the company which states if a member becomes bankrupt, they are automatically a disassociated member. My bankruptcy was delayed and did not clear until after the Operating agreem. Was signed. My business partner knew of the bankruptcy and delay. He has now thrown this bankruptcy in my face and has disassociated me from the company. He also says I have to repay all money I have received from the company since the final date of my bankruptcy. Question is, can he force me to repay this money? If I do jot agree, can he start legal collections and harm my credit?

Asked on 2/27/13, 5:13 pm

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

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It really depends on the terms of the operating agreement. You should retain a good business attorney near you to review the agreement and discuss.

Answered on 2/27/13, 5:28 pm

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

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It depends on the agreement's exact terms. It is vital that you see a lawyer ASAP.

Answered on 2/27/13, 5:44 pm

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