I Have To Have Some Basic Suggestions

[andor25]

My wife and I run an LLC small small business that is failing. To fund the enterprise ultimate yr we incured $80,000 in personalized debt, (financed autos that have been paid off), credit score cards, lines of credit score score. In filing bankruptcy for the enterprise, could this debt be regarded as to be aspect of the debt for the compact organization? Even if it is in our personal names? Or do I use a line of credit score and creditcards from the organization and spend back the company loans that are in our individual debt? I do not want to also file customized bankruptcy if I do not have to. I do not know drastically about this and am striving to get an strategy of what the most productive possibility would be.

[adin55]

a lot will be primarily based upon how the debt was place in location and MN law. Within my state it is private debt. Please be conscious that debt incurred with no intention of paying it down, is not dischargable in bankruptcy if pushed by the creditor.Seek the advice of with an area bankruptcy attorney, many offer free initial consultations.