Eric wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.
“Dear Steve,
Part time business of computer repair / consultation. I work full time for a fortune 500 company.
The part time business was formed as a LLC, can the LLC file chapter 7 or 11 and leave the personal stuff alone?
Eric”
The Answer:
Dear Eric,
It depends. The most important issue is going to be if you personally guaranteed any financial obligations or debt the LLC took on. If you did not, then the LLC is a separate legal entity and will not suck you in.
But you should find a local bankruptcy attorney, schedule a free bankruptcy consultation, and go meet with them for specific advice regarding your situation.
