Legal Question in Bankruptcy in Nevada

So at this point, I think you can see that there is a wide range of opinion about doing this. I am sure if any of my collegues on LawGuru answer this, they will have other opinions. My answer is "it depends on the specific facts in your case."

My analysis is this - if the LLC OWNS your assets, such as your vehicle, your home, a bank account, those assets are NOT protected under the Nevada exemption laws (contained in NRS 21.090). The Bankruptcy Trustee can take the LLC & the all the assets if you file Chapter 7 and use the sale proceeds to pay your debts. This would happen even though the assets would be protected under the exemption laws if you owned them in your own name. So I would advise you to transfer the assets into your personal name from the LLC.

But if the LLC is heavily in debt, there could be problems doing this, so I would suggest consulting with your bankruptcy attorney first regarding the specifics.

If the LLC has no debt, then I don't see any problem with you transfering any assets back into your names.

If ALL the LLC debts are co-signed or guaranteed by you both personally, I wouldn't see any need to dissolve the LLC before you file Bankruptcy. Once you stop renewing the LLC with the secretary of state, the LLC will dissolve without you taking any further steps.

Because there are so many variables that could apply to your case, you need personal attention paid to this issue in order to protect yourself. While many of the bankruptcy firms take a "factory approach" to their cases & handle a high volume, you may need boutique representation to address this special issue.

Good luck!