Will I have to forfeit my LLC for Ch.7?

[jefferino]

I will be filing a chapter 7 soon and I had 2 Limited Liability Companies that are now dissolved. I want to re-instate one of those LLC's just because I might need to resume business in the future under that business name after my personal chapter 7. I think I need to reinstate the LLC before filing ch.7 because I need to open a checking account in that biz name, correct?

Or,

Will they make me forfeit the LLC and dissolve it even though there is little to no biz activity?

[daylate]

from my understanding, if you have an LLC that has no assets you are ok. so if hte biz is a personal services kind of thing with no inventory or receivables and would have no value if you weren't around you'll probably be ok. On the other hand if it is a viable business with assets the trustee will look at it and may take it as an asset or make you "buy back" the assets at a (probably) reduced rate.

Two things to consider-either wait to reopen it or operate the business as a sole proprietor untila fter the bk is behind you.

[frogger]

If the LLC is inactive, has no sales, no inventory, etc., I would leave it alone until after your bk. You will need to list the corporation as an asset, but you do not want for that asset to be valuable at this time.