Legal Question in Bankruptcy in Minnesota

I am a director in a family LLC along with my other 2 siblings. I am looking to file bankruptcy and I am wondering how it will affect a cabin that our family LLC holds. I have 1000 shares in the family LLC, though the shares are marked at only 1 penny a share, though I am worried about how the cabin that is owned by the LLC that I am a board member on, may be liable!

Thanks, Laura


Asked on 11/27/09, 2:17 pm

1 Answer from Attorneys
Nathan Hansen Nathan M. Hansen, Attorney at Law

One would have to look at all of the documentation related to this. In any event, this will certainly be an asset that would be of great interest to the trustee and this asset would be at risk.

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Answered on 12/02/09, 2:29 pm


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