Comments on: Can We File Bankruptcy on Our Personal Debt and Not Include My Husband’s LLC? – Brandi http://getoutofdebt.org/10663/can-we-file-bankruptcy-on-our-personal-debt-and-not-include-my-husbands-llc-brandi Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Mon, 13 Feb 2012 01:25:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve Rhode http://getoutofdebt.org/10663/can-we-file-bankruptcy-on-our-personal-debt-and-not-include-my-husbands-llc-brandi#comment-16716 Steve Rhode Thu, 19 Nov 2009 21:17:06 +0000 http://getoutofdebt.org/?p=10663#comment-16716 Jeff, Thanks! Steve Jeff,

Thanks!

Steve

]]> By: Jeff Jackson http://getoutofdebt.org/10663/can-we-file-bankruptcy-on-our-personal-debt-and-not-include-my-husbands-llc-brandi#comment-16715 Jeff Jackson Thu, 19 Nov 2009 20:55:49 +0000 http://getoutofdebt.org/?p=10663#comment-16715 Great Advice from Steve. A major problem with smaller businesses is the co-mingling of both the assets and liabilites. The LLC should have its own banking accounts, credit cards, loans, and assets completely separated from personal accounts, liabilities, and assets. The tricky part is when the LLC creditor requires personal quarantees as well. Make sure you have accurate P&L statements on your LLC. Consult a local bankruptcy attorney or two or three and divulge everything. Best of Luck Great Advice from Steve.

A major problem with smaller businesses is the co-mingling of both the assets and liabilites.

The LLC should have its own banking accounts, credit cards, loans, and assets completely separated from personal accounts, liabilities, and assets.

The tricky part is when the LLC creditor requires personal quarantees as well.

Make sure you have accurate P&L statements on your LLC.

Consult a local bankruptcy attorney or two or three and divulge everything.

Best of Luck

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