Legal Question in Bankruptcy in New Jersey

The LLC is an asset that you must disclose on your bankruptcy schedules. The LLC's value is unknown, although if it's a personal training business, it probably has little value without you working for it. As for the equipment, you will have to double-check whether you own it or the LLC owns it or if your relative took title in her name. If the LLC owns it, the value of the equipment will be figured into the value of the LLC. As for your relationship with your family member, you will have to figure out if the documents indicate that she is a secured creditor (with UCCs), an unsecured creditor, or you have an installment agreement to purchase the equipment from her.