How is income from LLC handled in Chp 7 or 13 personal bankruptcy? Does Subchapter S vs. have any impact on any aspect or are all LLC forms same?

In chapter 7 bankruptcy or chapter 13 bankruptcy, income is based on current income. Although it depends on if it's a single member LLC or a multiple member LLC how it will affect your bankruptcy filing. Is only money that would affect you personally is the subject in a chapter 7 bankruptcy or a chapter 13 bankruptcy. I have responded to your inquiry according to the laws of Massachusetts, where I practice. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.   Joseph F. Botelho, Esq. BOTELHO & ASSOCIATES, LLCAttorneys At Law www.massachusettslawyeronline.com 126 Shove Street Unit 202 Fall River, MA 02724 Office: 888-269-0688Cell: 508-801-6747FAX: 877-475-8147 Twitter Facebook