0
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.
What else can I help you with?
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
How can a personal judgement impact the operations and assets of an LLC?
A personal judgment can impact the operations and assets of an LLC by potentially leading to the seizure of the LLC's assets to satisfy the judgment. This can disrupt the business operations, affect financial stability, and even result in the dissolution of the 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 can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
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
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
How does a personal bankruptcy of one of the officers affect a corporation?
Not at all.
How can a personal judgement impact the operations and assets of an LLC?
A personal judgment can impact the operations and assets of an LLC by potentially leading to the seizure of the LLC's assets to satisfy the judgment. This can disrupt the business operations, affect financial stability, and even result in the dissolution of the 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?
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
How does forming an LLC impact an individual's personal credit score?
Forming an LLC typically does not directly impact an individual's personal credit score. However, if the individual personally guarantees any business debts or uses personal credit to fund the LLC, it could affect their credit score if the business fails to repay the debts.
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.
Can the IRS come after an LLC for personal taxes?
Yes, the IRS can come after an LLC for personal taxes if the LLC is a pass-through entity and the owners have not paid their personal taxes.
