Submitted by Lost In Law on Tue, 10/13/2009 - 17:05
Posted in
I own a piece of investment real estate with a partner. We are considering the creation of an LLC to hold the property. If my partner or I later file bankruptcy, will the property be safe?
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10/2/2011 18:37 by Anonymous |
It is difficult to tell on
It is difficult to tell on these facts if you will be able to protect the property in bankruptcy. However, if you are transferring property out of your name into an LLC in contemplation of bankruptcy you are opening a large can of worms. You may face objections based on fraudulent transfer, bad faith, totality of the circumstances, and intent to hinder delay and defraud your creditors. This may mean you cannot file bankruptcy for 6 or more years. You should speak with a lawyer before transferring any property. Depending on all the facts of your situation the property may already be safe from your creditors in bankruptcy.
Best wishes. Attorney Robert Kovacs