My question involves estate planning in the state of: California
Trying to protect property owned by a South Carolina LLC while filing personal bankruptcy/insolvency in California.
I am British, have a minor child in the USA and my family resides in England.
South Carolina LLC (single member) purchased a home in California.
New Mexico LLC (single member) filed deed of trust (lien) against the property for its current value plus 10% per year owed by the South Carolina LLC, deed was recorded against the property in first place.
I am the single member of each LLC and now facing bankruptcy or insolvency due to falling values of properties in my name, 1099’s for foreclosures and serious credit card debts.
To continue with bankruptcy I have to declare all assets including my LLC’s.
I would like advice as to what steps I could legally take to protect the property owned by the South Carolina LLC from creditors.
Any advice would be truly appreciated.