Bankruptcy bankruptcy and personal LLC

Your personal debt resolve personal bankruptcy, such as your credit cards, medical bills, personal loans, car and home mortgage loans. LLC bankruptcy, will resolve on the other side, loans to the company and the obligations of the LLC. EntityWhen LLC, create a limited liability company create a new legal person, is separate and distinct from you as an individual. This means that the CCL has its own legal obligations that are separate from your personal obligations.CrossoverGenerally there is no crossover between your personal and business loans for your LLC. You are not responsible for obligations LLC and LLC is not responsible obligations.ExceptionSometimes for your employees, if personal responsibility extends to the arena LLC that the LLC is necessary to finance a commitment to personal property or a personal guarantee. Under these conditions must file bankruptcy LLC to relieve any obligation LLC and you should also file personal bankruptcy your personal pledge.TypesIndividuals to remove and SARL can file bankruptcy liquidation. Only people can chapter 13 bankruptcy, refund during only business as an LLC entities for Chapter 11 reorganization bankruptcy.Internal ObligationsIf money to your LLC can submit loan or vice versa, if your LLC borrowed money on your part file, then each page bankruptcy would eliminate this loan. But most entrepreneurs not loan money to the LLC, but rather simply invest money without a specific obligation to repay loans LLC.