You are here:
- Home
- Business
- Small Business Information
- Business Debt
- Personal Bankruptcy and LLC
Business Debt/Personal Bankruptcy and LLC
Advertisement
Question
I am thinking of declaring personal bankruptcy and I own a LLC with unsecured debt in the business name. Myself being the guarantor. My question is can I use the fresh start program to erase all the personal and business debt and still keep the business running? Im a licensed construction subcontractor in AZ and I don’t need a credit line to keep it going. Thank you for your time.
Christi:
Thank you for your inquiry. As I am not an attorney, I can not advise you regarding the various aspects of bankruptcy filing. However, from my experience I have known many people that have filed their personal debts under BK and still run a business. My sense is the business debt would need to be resolved separately. I highly recommend that you seek legal counsel so you fully understand your rights under such filings, and if your business assets might be exposed. If you want another option, you might want to consider business debt settlement, which would enable you to pay down debt with considerably less money (and time) than what you owe and maintain control of your business and its assets. My firm handles small business debts and negotiates on their behalf, so if you want to better understand this option feel free to contact me by asking a follow up. If you need to find an attorney, please visit: www.findlaw.com or
www.lawyers.com or visit the website for your states attorney generals office. I wish you the best in your business.
Respectfully,
Christine Janklow
Related Articles
- Should I Personally Guarantee Business Debt
- Small Business Bankruptcy - Personal Bankruptcy - Bankruptcy Procedures in Canada
- Business Debt - How Business Debt Affects Personal Credit Score
- What is Chapter 7 Bankruptcy - Chapter 7 Bankruptcy Definition - Business Liquidation Definition
- What is Bankruptcy- Chapter 11 Bankruptcy - Chapter 7 Bankruptcy - Business Liquidation
Answers by Expert:
Christine Janklow
Expertise
As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience
My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.
©2012 About.com, a part of The New York Times Company. All rights reserved.