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My Part Time Computer Repair Business is Going Down the Tubes. – Eric

“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”

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.

Sincerely,


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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