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chanceit
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 15 Jul 2009
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| Collection and businesses |
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Hi
New to the forum and wanting to learn from some of the pros. I am currently unemployed and am going to be setting up a LLC under my name, however i have some medical bills in collection. I am looking to file for bankruptcy with in the next a few weeks, i have yet to speak to a lawyer tho due to financial hardships at this time.
Questions are.... Can the collection agencies take any monies made under the LLC and also how will the LLC be effected by a bankruptcy.
I think we will be doing a chapter 7, however it will be just under my name obviously and not the LLC.
i hope i explained my situation well. I would appreciate any insight.
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Wed Jul 15, 2009 6:08 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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Check the 'look back' period in your state. Remember, these people aren't stupid, they won't allow you to simply hide your assets and declare bk against only the lenders that you wish to stiff.
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Wed Jul 15, 2009 8:37 pm |
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namratasnv
Preferred Member
Cash: $ 25.25
Posts: 126
Joined: 24 Jul 2009
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LLC is a liability of the owners for the debt of the business is limited. if they are liable for debts then the Bankrupty will viable for them.
As before filling a bankrupty for your LLC, you need to know whether you have significant personal exposure for those debts. it comes as a huge shock to learn that all loans were personally guaranteed. 
http://www.connecticutwebuyhouses.com/
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Mon Aug 10, 2009 8:44 am |
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jacktom
Contributing Member
Cash: $ 7.60
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Joined: 18 Sep 2009
Location: pakistan
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quote:
Originally posted by namratasnv
LLC is a liability of the owners for the debt of the business is limited. if they are liable for debts then the Bankrupty will viable for them.
As before filling a bankrupty for your LLC, you need to know whether you have significant personal exposure for those debts. it comes as a huge shock to learn that all loans were personally guaranteed.
yes i agreed with you
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Fri Sep 18, 2009 10:44 pm |
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