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My LLC and personal bankruptcy

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  • My LLC and personal bankruptcy

    I own a LLc which is doing OK; however it was a form of "supplementary income" for me. I lost my real job last year and now all my other debts are now forcing me into personal bankruptcy. If I file can I continue to operate the LLC? The LLC itself does not own any equipment or property, nor does it have any outstanding debts in its name. We rent any needed items when we do work.

  • #2
    This can get tricky. You need to talk to a bankruptcy attorney in your state.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Llc

      OK I figue I will have too. I'm wondering if the LLC owns nothing but brings in money what would the bankruptcy have to take from it??? Has anyone out there actually had a similar situation and if so what did you do/how was it handled??

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      • #4
        I haven't had a similar situation so I can't comment further. However, you can check back & maybe another responder will have add'l. info for you or have had a similar situation.
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment


        • #5
          When I filed bankruptcy, we considered chapter 13, which would have allowed me to continue running my business.

          We opted for 7 and closed the business in the end so I can't help much beynd what I have said above. Sorry.
          Not everything in America is actionable in a court of law. Please remember that attorneys are in business for profit, and they get paid regardless of whether or not you win or lose.

          I offer my knowledge and experience at no charge, I admit that I am NOT infallible, I am wrong sometimes, hopefully another responder will correct me if that is the case with the answer above, regardless, it is your responsibility to verify any and all information provided.

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          • #6
            Thread is an old thread from/started 3-09.
            Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

            Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

            Comment

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