Question by notacooninnh: If I file a Chapter 7 bankruptcy for my personal consumer debt, will it afffect an LLC I am 50% owner of?
All debt to be included in bankruptcy will be credit card and vehicle loan only. No debt associated with LLC is involved and all debt was aqcuired prior to forming the LLC.
Best answer:
Answer by ontopofoldsmokie
It might include the LLC. You can’t decide you aren’t going to pay creditors by filing chapter 7 while keeping assets in a business. If that were true you could run up all kinds of personal debt while throwing borrowed money into a business. Then just decide you aren’t going to pay it back and keep the business for free. If you have substantial assets they will try to get them or deny the bankruptcy.
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