Will my personal property be safe if I file my LLC for bankruptcy?

Asked over 5 years ago - Geneva, OH

I started a small business in Feb/08 and it is not doing well. I am structured as an LLC, so if I file for bankruptcy will my personal assets not be included? Also, we were looking to buy a new house, will the bankruptcy hurt our personal credit rating?

Attorney answers (1)

  1. Alan James Brinkmeier

    Contributor Level 20

    Answered . An LLC is a business form that does provide some advantages but does have some drawbacks.

    In the most basic and general terms an LLC features are that its members have limited liability for the entity's debts and obligations, similar to the status of shareholders in a corporation, and its income and losses are normally passed through to the owners as if it were a partnership.

    Using the written documentation you have is a good place to begin. Contact a local lawyer - many may give you a free consultation for an hour - to discuss your specifics. Far too many variables exist in the short post you wrote for any further observation by me. Many Tampa attorneys have information posted here on Avvo.

    You might find my Legal Guide helpful "How to Choose A Lawyer For You"

    http://www.avvo.com/legal-guides/ugc/how-to-cho...

    You might find my Legal Guide helpful " What Do I Tell My Lawyer"

    http://www.avvo.com/legal-guides/ugc/what-do-i-...

    No one can know what the record is in the case because online we cannot see your documents. You need a lawyer. Check with a lawyer in your locale to discuss more of the details.

    Good luck to you.

    NOTE: This answer is made available by the lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney with whom you have established an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question.

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