Q: After bankruptcy (LLC),they will hit my personal credit score? It will be a problem to open a new llc, get credit card?
Hi, I have a trucking company. My driver crashed my only one truck, It's total loss. The rental trailer company took back the trailer because I couldn't pay ( no more truck to work with). 3 months rent are missing on the contract, I couldn't finish the contract. It's about 10 000$ due, and 3500$ for my fuel card that I cannot pay. I have the same address for my LLC and my home. If I declare bankruptcy, they can come to my home and take my personal goods?
I have to go and work as employe for another company now for few years again. I have to close this company but if I declare bankruptcy, it will be a problem for me if I decide one day to re open a trucking company? Credit score, loan, credit card, insurance etc..?
I'm a little bit confused with my personal credit score as well, this bankruptcy will appear on my personal credit score?
Thank you for your response
A:
There are several details that you omitted that prevent a full and complete answer, so let me begin by suggesting that you find a good bankruptcy lawyer. You can find one by checking the with lawyer referral service of The Florida Bar (flabar.org) or with you local bar association
If you maintained the LLC and all the paper is in the right place--and you have no guarantees or endorsements in place--that may be the only debtor; however, if you were required to guarantee any of the debts, then that may be a different story.
Now to the question you really asked: your homestead is exempt from creditors claims.
Will it affect your employment: I doubt it.
Will it affect your credit: for a while after you have so declared.
Good Luck
d
Timothy Denison agrees with this answer
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