QUESTION

How to set up an LLC account with bankruptcy? Can it be done online or should we go through a lawyer with our situation?

Asked on Feb 06th, 2012 on Real Estate - Oregon
More details to this question:
My husband and I filed for bankruptcy in 2008. Now we are looking into investing in real estate with rental properties for cash flow (business only and to invest in more properties). In doing the research found out that we need to separate personal from business and set up an LLC. I see that an LLC can be set up online and cheaper. Would it be the correct way to do so with our situation, or would it just be smarter to go to a lawyer and pay the extra fees? Going to a lawyer is not within our budget right now, which online would be. We would also be purchasing in more than one state as well. We do want to get started with this as soon as possible, for a brighter future. With the market the way it is now, is a great opportunity. Thanks so much.
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1 ANSWER

Real Estate Law Attorney serving Anniston, AL at Isom Stanko & Senter, LLC
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You do not say whether you are still in bankruptcy or whether you have been discharged.  If the bankruptcy is still on-going, you should confer with your bankruptcy attorney before undertaking any of the above.  Anyone in bankruptcy is forbidden to enter into any material sales or credit purchases while the bankruptcy is pending. If you have been discharged, your plans seem large -- and the costs associated with purchasing investment real estate will be substantial.  That is not consistent with saying you can't afford to have an attorney set up your organizational documents.  I do not know what the costs are in your state and community to set up a limited liability company (LLC), but I think it is not nearly what you fear it would be.  Use some of your own contacts and get several referrals to business attorneys in your area who have good reputations for competence and integrity.  Make an appointment just for a conference to get his/her guidance on what you should/should not do, and what his charges are for performing the paperwork.  If you don't like what you hear, make an appointment with another attorney.  Modest conference fees are well worth the mental stress of not knowing how to proceed and what the probable costs will be.   
Answered on Feb 07th, 2012 at 6:56 PM

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