Bankruptcy on my business??

[Imthe lucky1]

What is the name of your state? CALIFORNIA

Hello,
I have a trucking business in California and with the slow market and high cost of fuel here, I am no longer able to make it. I have a LLC I was wondering if I can file Bankruptcy? The truck is Leased and I still owe $70K on it until the lease is up in 2010. Thanks for any advice

 

[bigun]

I'm assuming you signed a personal guarantee on the lease. What you do is file a personal bk {Chapter 7} listing all personal debts and then, let the LLC die a natural death.
Most bk lawyers will give free or low cost initial consultations. Talk with a couple and get all of your options explained.

 

[Imthe lucky1]

I cant file personal bk. Any other advice?

 

[bigun]

If you personally guaranteed these business debts, a corp. bk will not help you in anyway.