Q: I'm looking for legal advice regarding my LLC, that is not generating any income anymore, and I am about to close it.
However, I have a credit card and business line of credit (both under LLC’S name), is it possible to file the bankruptcy of that LLC without effective my personal credit history?
A:
Hello,
You could file a business chapter 7 bankruptcy but sometimes it doesn’t make sense are you sure your not personally liable for any of your business debt. I would definiteltnspeak with a lawyer
Bruce Alexander Minnick agrees with this answer
A: I would bet you are a guarantor of these debts so the answer is it would impact your credit.
Bruce Alexander Minnick agrees with this answer
A: Without knowing whether or not you have a 3 member LLC or personally guaranteed the credit card and line of credit, no attorney can advise you.
Bruce Alexander Minnick agrees with this answer
A: Unless you found a (stupid) bank or credit card company that issues credit to LLCs or corporations without requiring the personal guaranty of the owner(s) of the organization I would bet you are on the hook personally for all the debt "owned" by the LLC. Forewarned is forearmed.
Karra Kingston agrees with this answer
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