Louisiana Law | Louisiana Law Topics | General LA law (Moderator: lex) | What happens to properties?
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Site Author : Topic: What happens to properties?  (Read 402 times)
January 19, 2010, 07:34:52 PM
dallasfan
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Me and spouse have several properties together and our home, I also have some properties in a llc that I am 25% of, I i file chapter 7 what happens to the properties? 1) our primary house  2) properties that we have that are paid for 3) the properties we have in a llc that are financed? thanks
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February 02, 2010, 02:57:54 PM
lex
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One half of the properties (assuming they are community property) are property of the bankrupt estate. That has implications beyond just simple ownership since it is very hard to actually do anything with a partial interest in property. Usually some attempt is made to make a deal with the trustee on this.

Property belonging to an LLC is not the real issue. The real issue is ownership of shares of the LLC. It is those shares that are part of the estate and subject to whatever the trustee wants to do.
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