Filing business bankruptcy for an LLC

[pannoowau]

I am trying to collect info on filling bankruptcy for an LLC- just oppened 7 months ago and have been able to keep upfloat until now but no longer have the funds to pay the high rent, business loans or even employee payroll.

What options do I have? Will a bankruptcy for an LLC kill my personal credit? Am I correct that personal belongings (such as my home) are safe?

I heard that the laws in NJ are "not so generous"... what can I expect?
Category

[sonny]

Before you do anything else make sure that you pay the federal, state, and local governments any withholding and sales taxes that are due them.

That money is not yours or the LLC's, it belongs to the governments. All you are is an agent for them who is collecting monies for them.

If those monies are not paid nothing you own or have any interest in is safe from them.

To reiterate -- PAY THEM FIRST!

Hope this helps
Jerry-the-bookkeeper