Can the bankruptcy court take property owned by my corporation or LLC?

It’s a possibility that the bankruptcy court technically can take over your shares of a corporation or your percentage ownership of an LLC. The question is really how much property is owned by that corporation and what the value of that corporation is and the percentage of ownership that you have. Whatever that value is, is technically your personal property and you have to account for that just like the rest of your personal property.

Get a Free Consultation

Read Some of our Other Recent Posts

Rebuilding Credit After Bankruptcy

Bankruptcy is a challenging and often overwhelming experience, but it's not the end of your financial journey. One of the critical steps in the aftermath of bankruptcy is rebuilding your credit. While it may seem daunting, there are practical and effective strategies...

Divorce and Debt: Handling Shared Debts

Divorce is a complex and emotionally challenging process that involves the separation of not only assets, but also debt. Handling shared debt during divorce proceedings requires careful consideration, clear communication, and often legal guidance to ensure equitable...

Understanding Alimony: Basics and What to Expect

Alimony, also known as spousal support or maintenance, is a legal obligation for one spouse to provide financial support to the other after separation or divorce. This financial support is aimed at helping the receiving spouse maintain a lifestyle similar to that...