You are here:

Bankruptcy Law/Chapter 11 Reorganize

Advertisement

Expert: Mark J. Markus- California Bankruptcy Attorney - 9/23/2009


Question
I own a LLC corporation with many payments on inventory and machine leases.  It's to the point I'm not sure I can keep up with the worsening economy.  I'm not a quitter, and don't want a free ride.  I would like to reorganize the payments, but do not want to lose my personel assets.  I own real estate and other assets in my personel name.  Will a LLC keep the chapter 11 filing strictly to the business assets, and leave the personel assets alone?  Can I keep the business assets, and reorganize as GM has done?  Thank you in advance!

Answer
Filing a Ch. 11 for the LLC doesn't affect your personal assets or liabilities.  If you have a personal guarantee on assets of the LLC and the LLC doesn't pay them, then the creditors can come after you personally regardless of whether a bankruptcy is filed for the LLC.

http://www.bklaw.com/

Bankruptcy Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Mark J. Markus- California Bankruptcy Attorney

Expertise

Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

    • ©2012 About.com, a part of The New York Times Company. All rights reserved.