QUESTION
If I file bankruptcy for my LLC and none of my debts were personally guaranteed will it have any affect on my personal credit?
Asked on Feb 09th, 2017 on Bankruptcy - California
More details to this question:
I have built my business credit through use of vendors and secured credit lines. I always made it a point to never personally guarantee any lines of credit. At this point business is not going well and I am considering filing a chapter 7 bankruptcy. My concern is the effect - if any - that it would have on my personal credit. Would there be any marks or notations on my personal credit profile even if I wasn't responsible for the debt itself? Any advice on this matter would be greatly appreciated.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
No, if you had no personal guarantees filing a bankruptcy for an LLC you are affiliated with will not affect you any more than not filing a bankruptcy would.
However, there is rarely any need to file a Chapter 7 for a corporation/LLC.
See my article at https://www.bklaw.com/business-bankruptcy/ for more information.
Make sure you are getting advice from an experienced bankruptcy attorney before doing anything.
Answered on Feb 09th, 2017 at 10:27 PM