Legal Question in Bankruptcy in Indiana

Bankruptcy and an LLC

If my husband and I file bankruptcy, and have more then 15k equity in our home, can we loose it? and if we have property in an LLC can we loose that as well?

Asked on 2/10/09, 10:37 pm

1 Answer from Attorneys

Gregory Coleman Coleman Law Office

Re: Bankruptcy and an LLC

What happens in that situation is that the amount you are over, is that much more you have to pay towards unsecured creditors. If your business is income producing, you should be fine. You are allowed to consider the income as well as the expenses for the business. Depending on how your corporation is set up would also depend on how your bankruptcy is treated in certain areas. Feel free to call our office for more detailed informaion and a free consultation.

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Answered on 2/10/09, 11:27 pm

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