LLC assets question

[considering7]

I am about to file a non-consumer chapter 7. I have an LLC that I am in the process of shutting down. Lawyer advised that trustee could use the inventory or other assets that the LLC has to liquidate and pay creditors. I'm wondering if the fact that I personally am not a joint account holder of that checking account (the account is in the LLC's name only) has any bearing on the trustee's ability to get at that money or my ability to spend some of it before I file.

Thoughts?

[frogger]

You own the LLC, therefore everything associated with the LLC (including the bank account) is an asset of your estate.

The trustee will have no problem getting that money. If you plan properly however, there should not be any money left to get...

[tah]

I read where the LLC is is a separate "legal entity" and since I was filing BK for myself and not the LLC it would be exempt.

Not true?

[frogger]

Not true. The LLC has no exemptions. It is an asset that belongs to your bk estate and will be dealt with as such by the trustee.