Attorney in Essex County area NJ recommendations??

[psantos]

Hello group:

We need an experienced attorney in NJ to handle a very complicated Chap 13.

Me and my partner owned a business that closed down last Jun. My partner signed personally for $200,000 in credit lines. They are now coming after our jointly owned assets(real estate) The line(s) was unsecured, yet apparently they can place a judgement against him, which will prevent the sale of real estate!! He signed personally and in the company name. I fail to see the benefit of an unsecured lien! If they can still prevent the sale of real estate assets!

The real estate we own jointly is all we have left frankly, we need to preserve our assets. An attorney we consulted with, told us Chap 13th will allow us to keep control of our assets, without forcing a sale.

Our company is also involved in protracted litigation, not resolved, might take a long time to do so. Frankly its a mess, I am not impressed with our current choice. Any recommendations?

Essex County is not a must, we need some one good, current price for attorney $3500.

[justbroke]

See my other post in the other thread.

[psantos]

See my other post in the other thread.

Thx. Did you recommend an attorney?


The homes we own (2 and a plot of land), are all owned jointly by a seperate company. A real estate attorney said the properties can be sold, regardless of a personal lien, since the properties are owned by an LLC.

My partner owned a different company, which he applied for the credit lines.

The company we own jointly, the properties should not be effected?

This would be good, why should I suffer, from a personal judgement against my partner. I had nothing to do with the credit lines. They were against him and a different company.

[justbroke]

Thx. Did you recommend an attorney?

Not allowed to recommend an attorney.

The homes we own (2 and a plot of land), are all owned jointly by a seperate company. A real estate attorney said the properties can be sold, regardless of a personal lien, since the properties are owned by an LLC.

So long as that personal judgment didn't somehow get attached to the LLC. Now, just how are they owned by the LLC? Is it deeded to the LLC? Did an LLC member get sued?

This is complex, and I don't think you want my opinion or anyone elses regarding a rather complex set of legal issues. You know that LLC is a separate legal entity, but it may expose an individual LLC member, by them losing their interests in the LLC.

For example, many of the LLC and S-Corporations... and even regular corporations, end up signing personal guarantees on debt. This can get complex where you have a personal debt and own a percentage of an LLC.

The company we own jointly, the properties should not be effected?

Shouldn't be, but a lien against an individual can extend to their interest(s) in the LLC. This is very specific area of law I am unqualified to even begin to dream about.

I originally put my rental properties (2) into my S-Corp to sort of protect them, but it just got too complex for me anyhow. I sold one and I just surrendered one in BK. I actually had utility accounts in the S-Corp name.

This would be good, why should I suffer, from a personal judgement against my partner. I had nothing to do with the credit lines. They were against him and a different company.

You shouldn't at all if they are against him personally. The nice thing about an LLC, is that it insulates your from the actions of the other partners.

[psantos]

Not allowed to recommend an attorney.

So long as that personal judgment didn't somehow get attached to the LLC. Now, just how are they owned by the LLC? Is it deeded to the LLC? Did an LLC member get sued?

This is complex, and I don't think you want my opinion or anyone elses regarding a rather complex set of legal issues. You know that LLC is a separate legal entity, but it may expose an individual LLC member, by them losing their interests in the LLC.

For example, many of the LLC and S-Corporations... and even regular corporations, end up signing personal guarantees on debt. This can get complex where you have a personal debt and own a percentage of an LLC.

Shouldn't be, but a lien against an individual can extend to their interest(s) in the LLC. This is very specific area of law I am unqualified to even begin to dream about.

I originally put my rental properties (2) into my S-Corp to sort of protect them, but it just got too complex for me anyhow. I sold one and I just surrendered one in BK. I actually had utility accounts in the S-Corp name.

You shouldn't at all if they are against him personally. The nice thing about an LLC, is that it insulates your from the actions of the other partners.

I did speak to an attorney, he felt the lien holder couldn't force the sale of the real estate jointly owned, but they could go after half the value if the property is sold. Since he is a member of the LLC. They could go after his half.

We are actually better liquidating the real estate now, if my partner goes Chp 7 or 13 first , the trustee will scrutenize thee sale of the homes!!
We can sell the houses now, since the lien is against him personally, not against the LLC, we can sell the homes without issue.

Its better to split the assets now, rather than go through Chp 13, I really don't want to be involved. The problem is the market is bad right now!

The property title is in the LLC's name. An LLC member did not get sued. He did not get sued as a member of the LLC we own currently. It was a different company, he is being sued under.

[justbroke]

Very good... I wish you the best with settling the matter. Sounds like you're going about it the right way.

[psantos]

Very good... I wish you the best with settling the matter. Sounds like you're going about it the right way.

Thx, You better watch who you go in business with!!

[justbroke]

Thx, You better watch who you go in business with!!

Maybe I'll tell the story of a business partner who tried to have me arrested for... yep... entering our partnership office space. So, it can get bad. (I won that case, but lost $$$$s.)