Expert: Terry Leeders - 4/13/2008

Question
I have a LLC that is not competing well in todays market.  Funds are depleted and business is very slow.  I have 3 business credit cards with balances.  How would personal income(other job) or assets be affected buy filing bankruptcy?

Answer
It would depend on if you have any personal guarantees on those debts.  While technically a separate entity, if you signed any guarantees, or signed jointly, or even in your name, then your assets are at stake, you would still be personally responsible for those debts.