Member of LLC filing Ch. 7

What is the name of your state? CT

Okay all you savvy guys and gals! If you are a member of an LLC with nominal interest (less than 5% interest), are you considered a partner when filing Ch. 7? Do you have to answer questions 19 - 25 of the Statement of Financial Affairs? If not do you simply answer complete #13 of the Schedule B- Personal Property? The Nolo Press book doesn't address this sticky situation. I would appreciate any help with this situation. I am attempting to file Pro Se and don't want to cause any delays. I have found this forum very helpful. Please shed some light or send me to appropriate websites. By the way, all debts are personal.

Thanks

[HomeGuru]

Originally posted by whattado
What is the name of your state? CT

Okay all you savvy guys and gals! If you are a member of an LLC with nominal interest (less than 5% interest), are you considered a partner when filing Ch. 7? Do you have to answer questions 19 - 25 of the Statement of Financial Affairs? If not do you simply answer complete #13 of the Schedule B- Personal Property? The Nolo Press book doesn't address this sticky situation. I would appreciate any help with this situation. I am attempting to file Pro Se and don't want to cause any delays. I have found this forum very helpful. Please shed some light or send me to appropriate websites. By the way, all debts are personal.

Thanks

**A: you need to state your interest in the LLC and estimate the asset value and liability (if any), no matter how small.

Thanks, Home Guru.

The most crucial question for me is where do I list this information. I know that an interest in an LLC is considered personal property. Should I report it on Schedule B - Personal Property or the Statement of Financial Affairs or both? Schedule B item 13 asks you to list any interest in a partnership and itemize. The Statement of Financial Affairs asks for more indepth information, such as Tax id's and other Partners names. Just not clear on what should go where, but I don't want to leave anything to chance? Should I treat my interest as a partnership and complete the questions 19 -25 on the Financial Affairs Statement? Furthermore at the bottom of this statement, it states that you don't have to complete the questions if you are a partner of a limited partnership. It does not that in exact terms but it is my interpretation. Next question is a LLP similar to a LLC with respect to Ch. 7 bankruptcy? I know this is alot but I don't want to leave any stones unturned.