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  1. #1
    Join Date
    Feb 2006
    Location
    los angeles
    Posts
    26

    Default Property Owned by Single Member LLC, Owner is Facing Bankruptcy

    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.
    Issue:
    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.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Property Owned by Single Member LLC, Owner is Facing Bankruptcy

    You own the entire LLC, and your membership interest is an asset of your estate.

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