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10-08-2007, 01:37 PM
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Does anyone know if an LLC can declare bankruptcy
without neg. affecting the credit of the ind. members? We have a restaurant that failed. It was just sold but a lot of debt will not be covered by the sale. We want to declare bankruptcy but are not sure whether this will affect the "business" credit or the credit of the individual members of the LLC? Any help will be appreciated.
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10-08-2007, 03:06 PM
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Get legal advice.
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10-08-2007, 03:37 PM
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You may want to consider settling debt instead of going into bankruptcy. That means 10 years of no-or-hard-to-get credit. You will need an attorney for the bankruptcy. Laws have made -do-it-yourself bk almost impossible.
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