I would like to start an LLC in the state of Minnesota as soon as possible. I also intend to file for personal chapter 7 bankruptcy in the near future. Is it necessary that I file for bankruptcy first?
3 Answers from Attorneys
The LLC will be statutorily dissolved upon filing. If you want to set up an LLC, you should do it after filing.
I really feel as if I would like to know a lot more about your situation before saying anything. Trying to respond with such a small amount of information is a bit scary. Having said that, having an LLC is more complication than you need when filing a Chapter 7. Keep it simple and set that up later.
You will need to meet with your bankruptcy attorney and verify that your assets are protected through the bankruptcy system. Having done that, I would tend toward filing the bankruptcy now and forming the LLC after filing the bankruptcy.
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