Legal Question in Bankruptcy in Nebraska

Transferring Property

If a person transfers property to an LLC, would the property be protected if the person declares bankruptcy after a certain period of time?


Asked on 10/15/04, 3:18 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Transferring Property

Short answer --- not really. If an individual transfers an asset into an LLC to avoid listing it as an asset in their bankruptcy that individual would likely need to wait over 1 year to file. Even then if the LLC is actually controlled or owned by the individual there isn't much point. The LLC and the value of the LLC (which would include the LLC's assets) would have to be listed on the individual's bankruptcy.

I am a U of N law school grad. I would be happy to discuss this issue with you in more detail. Please give me a call at (972) 231-5500 or (800) 303-0720.

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Answered on 10/16/04, 6:06 am


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