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If I file bankruptcy for my LLC and none of my debts were personally guaranteed will it have any affect on my personal credit?

1 Answers. Asked on Feb 09th, 2017 on Bankruptcy - California
More details to this question:
I have built my business credit through use of vendors and secured credit lines. I always made it a point to never personally guarantee any lines of credit. At this point business is not going well and I am considering filing a chapter 7 bankruptcy. My concern is the effect - if any - that it would have on my personal credit. Would there be any marks or notations on my personal credit profile even if I wasn't responsible for the debt itself? Any advice on this matter would be greatly appreciated.
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Answered on Feb 09th, 2017 at 10:27 PM

No, if you had no personal guarantees filing a bankruptcy for an LLC you are affiliated with will not affect you any more than not filing a bankruptcy would.

However, there is rarely any need to file a Chapter 7 for a corporation/LLC.

See my article at https://www.bklaw.com/business-bankruptcy/ for more information.

Make sure you are getting advice from an experienced bankruptcy attorney before doing anything.

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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