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What happens to my LLC + Assets + Corporation if I file bankrupcy personally?

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  • What happens to my LLC + Assets + Corporation if I file bankrupcy personally?

    Hi,

    I am not sure if Bankrupcy is the right thing for me in my situation, or if it is even possible but here is my situation in a nutshell. I am 23 years old and I was the former CEO of dotcom/brick and mortor Corporation in Baltimore, MD. I was one of three founders of the Corporation, we had 9 employees, and were in business for 3 years before our fall in December 2005 (great timing).

    Everything was going great for the first 2 1/2 years until we tried to expand rapidly, I have 6 credit cards in the Company name but my SSN which I used to pay for software, servers, employees at times, and other operational expenses.

    To make a long story short, we aquired a company that had 12 locations, but before the paper work was finished we were backstabbed, and left with nothing but debt by the former owner of that company. All of our other operations had slowly come to a hault in order for us to prepare for the merger.

    I now have about 80k worth of debt on my head, $25k in credit card debt, 2 car loans and 2 smaller business loans $47k (with my SSN, no banks would accept our Tax ID only had to have a personal guarantee). The rest of the debt is owed in medical bills, and utilities, rent, etc.

    The only way I have been getting by is the assets I still hold on to : stocks, domain names, webpages, ebay sales, affiliate accounts. This generates me about $3k a month currently. The problem is my expenses are now out of control and well over $5k a month.

    If I file for Bankrupcy is there anyway I can hold on to my assets? Some are in my old corporations Tax ID (it is being dissolved in a few weeks) Some are under my LLCs Tax ID, and some are under my personal SSN.

    I hold about 100 domain names, that appraised are worth about 50k or so but they are hard to liquidate, stocks that have dropped down to basically nothing about $1500 or so, two cars (one is mine, other my gfs). And some inventory left over.

    I cannot take the stress, creditors, sleepless nights anymore. I guess I am seeking some direction here more than answers to my problems.

    Any suggestions? Can I hold onto my assets? Does the Corporation and my LLC (newly formed) go bankrupt if I personally declare it? Any help here would be great, I do not know what to do going forward here...THANKS

  • #2
    You have a specific problem. I suggest that you go to a bankruptcy attorney who offers free consultations, a business bankruptcy attorney and also a personal bankruptcy attorney. It could be if the business files bankruptcy, you can reorganize the other debts and pay them off or it could be you need to do both a business bankruptcy and a personal bankruptcy.

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    • #3
      All right, I will be starting grad school in the fall and am required to have a car for the particular program I'm in. I am not planning to be employed at all during the time I am in school. I ended my job about three weeks ago so I could do some traveling before the school year starts. I will be receiving about $30,000 in grants, scholarships, and loans each school year. Can I get a car loan while unemployed, but with good credit?
      small business grants

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      • #4
        jerryklarke - would you please start your own new thread. You added to a thread from 2006. Thanks.
        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

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