Thank you in advance for your help.
I am part of a LLC who deals in real property. I am 1 of 4 partners and recently have had to declare personal bankruptcy. I got a letter from my LLC and stated that in my agreement that personal bankruptcy automatically involuntarily removed me as a partner from the LLC. I did read the operating agreement and it sites some local codes that do have some verbiage that sounds accurate on this matter. The trustee is investigating any assets in my LLC that I have part ownership in...it has taken a year and the case is still open. My question is...if I was automatically removed from the LLC when I declared how can the trustee be interested in something I don't own anymore? And if he somehow can, or if somehow I still am part owner in the LLC, do I have any rights to any profits of the LLC is for some reason the trustee abandons his interests. It made me immediately suspicious of my partners that they are trying to pull the wool over my eyes...it is possible that the 25% of the LLC has enough assets to pay my creditors off and then some..but it is tied up in real property that obvious would be hard to sell in the current market conditions. Another interesting tidbit is that on the real property owned by the LLC..I never signed a personal guarantee on any loans but 2 of my other partners did. Any insight would be greatly appreciated.
I am part of a LLC who deals in real property. I am 1 of 4 partners and recently have had to declare personal bankruptcy. I got a letter from my LLC and stated that in my agreement that personal bankruptcy automatically involuntarily removed me as a partner from the LLC. I did read the operating agreement and it sites some local codes that do have some verbiage that sounds accurate on this matter. The trustee is investigating any assets in my LLC that I have part ownership in...it has taken a year and the case is still open. My question is...if I was automatically removed from the LLC when I declared how can the trustee be interested in something I don't own anymore? And if he somehow can, or if somehow I still am part owner in the LLC, do I have any rights to any profits of the LLC is for some reason the trustee abandons his interests. It made me immediately suspicious of my partners that they are trying to pull the wool over my eyes...it is possible that the 25% of the LLC has enough assets to pay my creditors off and then some..but it is tied up in real property that obvious would be hard to sell in the current market conditions. Another interesting tidbit is that on the real property owned by the LLC..I never signed a personal guarantee on any loans but 2 of my other partners did. Any insight would be greatly appreciated.
