llc bankruptcy

[BILL LAROE]

What is the name of your state? I am located in New York

I am a LLC general contractor and custom home builder. Since the fall in recent economy me company has got in trouble financially. People are threatning to put liens and judgements against me and my house. Since I am a LLC isn't this impossible. I believe that was the whole purpose of forming the company so I am personally protected, including my home. If I chose to file for bankruptcy does the same applie my company is liable not me personally? Thank You

 

[bigun]

The big question is, did you sign any personal guarantees for the business loans?

 

[Andy0192]

LLC = Limited Liability.

Limited does not mean bulletproof. Google the term " Piercing the corporate veil"

 

[BILL LAROE]

The big question is, did you sign any personal guarantees for the business loans?

No Personal guarantees for any buisness loans.

 

[bigun]

If you have not personally guaranteed anything, you should be able to file a personal bk and let the LLC die a natural death.
Most bk lawyers give free or low cost intial consultations. Speak with a few and see what they say.