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
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (973) 798-6131
- View Profile
- Answered
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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
