Now, that the discharge is in, the Panel Trustee will now try and get as much as out of me as possible asset-wise. There are only three real assets: 1)$5500 in garnished wages....they'll get that 2) some equity in my truck...probably a close call as to whether they want to go after it and 3) an interest in an LLC, which brings up my question.
The LLC is 75% owned by myself and 25% by my mother. The LLC itself owns no real or tangible assets, holds no contracts or leases, etc. What it does own is a 10% interest in another LLC that owns a building in North Carolina that houses a Jiffy Lube and Batteries Plus store and pays my LLC about $300/month in passive income. The other 90% is 15% owned by one partner (who, coincidentally is also in bankruptcy) and 75% by a general partner who is a real estate developer and runs the show.
When my financial picture began to deterioate a couple of years ago, I reached out to the general partner to see if he would buy me out. He stated that my LLC's interest might be worth $10-15000, but that he wouldn't be interested in buying me out at any price. I believe he is also having serious financial issues. I listed the asset on my bankruptcy schedules as having an estimated value of $10,000 and did not use an exemption against it.
The Panel Trustee requested all sorts of documentation last week, which I sent him, plus a cover letter basically explaining what I wrote above. My question is, short of the Panel Trustee being able to convince the general partner to pay me (or, really, the bankruptcy estate and trustee) and buy me (the estate) out, how would they be able to seize or take over this asset? I mean, they're welcome to have it....I'm not really trying to protect it, but I'm just curious how they could possibly gain any value from it.
The LLC is 75% owned by myself and 25% by my mother. The LLC itself owns no real or tangible assets, holds no contracts or leases, etc. What it does own is a 10% interest in another LLC that owns a building in North Carolina that houses a Jiffy Lube and Batteries Plus store and pays my LLC about $300/month in passive income. The other 90% is 15% owned by one partner (who, coincidentally is also in bankruptcy) and 75% by a general partner who is a real estate developer and runs the show.
When my financial picture began to deterioate a couple of years ago, I reached out to the general partner to see if he would buy me out. He stated that my LLC's interest might be worth $10-15000, but that he wouldn't be interested in buying me out at any price. I believe he is also having serious financial issues. I listed the asset on my bankruptcy schedules as having an estimated value of $10,000 and did not use an exemption against it.
The Panel Trustee requested all sorts of documentation last week, which I sent him, plus a cover letter basically explaining what I wrote above. My question is, short of the Panel Trustee being able to convince the general partner to pay me (or, really, the bankruptcy estate and trustee) and buy me (the estate) out, how would they be able to seize or take over this asset? I mean, they're welcome to have it....I'm not really trying to protect it, but I'm just curious how they could possibly gain any value from it.
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