Will I lose my personal assets if I file for bankruptcy?

Whether your personal assets will be "affected" depends on many factors.  Among these are: 1.  Whether you have any liability on the debts of the LLC, such as debts you have personally guaranteed or debts you are responsible for as an officer, such as employee payroll trust fund taxes 2.  The value of your personal assets. 3.  The exemptions available to protect those assets under your state's (or applicable state) laws. 4.  Which Chapter of bankruptcy you file. Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.  You need to have a consultation with an experienced bankruptcy attorney in your area to properly evaluate your options and answer your questions. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.