QUESTION
Can I register for another LLC business before I file for chapter 7 bankruptcy on a previous failed business?
Asked on Feb 13th, 2017 on Bankruptcy - Oregon
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Yes, however, the new business will be an asset subject to the bankruptcy, so if there is inventory or other assets they may be taken by the trustee to pay your creditors?
Answered on May 24th, 2017 at 5:33 AM
You should pay an experienced BK lawyer for one hour of their time. This could save you a lot of time, trouble, and money down the road. Now is not the time to skimp!
Answered on Apr 25th, 2017 at 5:22 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
It does not seem illegal to do it, but it will look fishy to the bankruptcy trustee. your bankruptcy lawyer will probably suggest that you wait until after you have filed your petition.
Answered on Apr 23rd, 2017 at 8:22 AM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
Yes.
Answered on Apr 22nd, 2017 at 7:43 AM
You can do this, but I have to say it would be a terrible idea. Your Chapter 7 Trustee will be entitled to shut down your new LLC.
Answered on Apr 22nd, 2017 at 7:43 AM
There are no BK laws related to forming corporations. If you file BK for a failed corporation it would be Chapter 11 not 7.
Answered on Apr 21st, 2017 at 10:40 AM
Yes, but you would have to disclose the new business in your bankruptcy filing.
Answered on Apr 21st, 2017 at 10:39 AM