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