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A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
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Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Does business bankruptcy affect personal credit?
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
Are corporate debts dischargeable in personal bankruptcy?
: זווית של המוות , that's just the spelling though. Sorry! :(( Only for a PC or LLC
How do you file for personal bankruptcy?
Seek advice from a professional. Your local bankruptcy attorney is there to help you.
Does bankruptcy affect eic eligibility?
no
Where can you find information about corporate bankruptcy laws?
Does corporate bankruptcy affect personal credit?
Does past personal bankruptcy effect new llc and members and are they liable for any past debt?
Yes i dont know why
How does a personal bankruptcy of one of the officers affect a corporation?
Not at all.
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Does business bankruptcy affect personal credit?
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
Are corporate debts dischargeable in personal bankruptcy?
: זווית של המוות , that's just the spelling though. Sorry! :(( Only for a PC or LLC
Can personal property be placed and protected IN an LLC?
Can a LLc protect personal dept?we have (3) propertys in a LLC can that be protected?
I am nearing retirement and have many credit card bills to pay which i cannot afford. is bankruptcy an answer and will it affect my partner if it is personal bankruptcy?
You should definitely discuss bankruptcy with an experienced attorney. It will affect your partner only if you have joint debts that wll have to be listed in the bankruptcy. S/he will have to pay the debt.
Has bachrach filed for bankruptcy?
Yes, on May 6th, 2009, Bachrach LLC filed chapter 11 bankruptcy protection.
If you are filing personal chapter 7 bankruptcy can you get a business credit card for a newly formed LLC which does not have any assets yet?
New businesses are infrequently able to get credit on their own (without a qualfied personal quarantee by the owner) for about 5 years.
If a person is filing bankruptcy and is a managing partner of an LLC can the LLC continue?
An LLC is a separate legal entity, so it is not directly affected by a bankruptcy filing by one of the owners. The bankruptcy filer must disclose the share of the ownership and its value, if one can be established, and if the value cannot be exempted, the share may become part of the bankrupt's estate and sold by the trustee. The remaining owner(s) may want to negotiate and buy the share, but generally the sale has to be by an auction, unless the trustee is satisfied no one would bid at an auction, or would bid very much.It depends a lot on how well the LLC is operating and if it is making a profit to share among the owners. Small LLCs often have no value beyond the assets owned by it. Many LLC owners like to have the LLC buy vehicles they use as personal vehicles, which can cause serious problems for a bankrupt co-owner.The more the LLC functions as a truly separate legal operating business, the better. The more commingled personal and business assets are, the worse it is.
Can you delay a judgment against a personal guarantee by threatening to file bankruptcy in the name of an LLC?
No.. Not unless the LLC is the debtor. Whatever issues the llc has, are at that moment; of no concern to the guaranteed Creditors. They have no personal guarantee from the LLC. There is no Direct responsibility for the Guarantee from the llc. However, the Creditor can seek the assets of the Personal guarantor, including the assets held in the LLC to the extent that they are owned or controlled by the personal guarantor [borrower] 50% ownership would = 50% crossover from the personal guarantor's % of ownership. It might delay enforcement until it can be made clear to the court and relief from stay is awarded. But It will not normally delay the judgment in the prior matter. Get a consultation with a Specialist in this area of law. The comments here are based upon my lay interpretations and is not to be construed as legal advice. Trenton Sims California Broker 310.422.0435, 310.807.9230 FX Tsims@GreenPlanetFunding.com
