What is the name of your state? NY
I own two single member LLC's, one of which is experiencing severe cash flow problems. I am looking to get a better understanding of some answers I have been reading in other threads here.
I have read advice that has been posted stating to let a business "die" after paying off all secured creditors, as a way of avoiding filing bk. Is that possible, if you have unsecured creditors who have not forgiven your debt? When you file with the state to close down the biz, aren't you required to state whther creditors have been paid off?
Second question is whether filing CH7 on a single member LLC will show up on your personal credit, if you've covered all your secured creditors?
Thank you for the assistance.
I own two single member LLC's, one of which is experiencing severe cash flow problems. I am looking to get a better understanding of some answers I have been reading in other threads here.
I have read advice that has been posted stating to let a business "die" after paying off all secured creditors, as a way of avoiding filing bk. Is that possible, if you have unsecured creditors who have not forgiven your debt? When you file with the state to close down the biz, aren't you required to state whther creditors have been paid off?
Second question is whether filing CH7 on a single member LLC will show up on your personal credit, if you've covered all your secured creditors?
Thank you for the assistance.