If I am filing personal bankruptcy and have an LLC with zero value, do I have to include it or can I dissolve it separately?
Question Details:
I want to file individual bankruptcy because of a judgement. They are demanding more than I can afford to pay. It is credit card debt that I could not afford to pay because of medical issues at the time. Now there is the judgement. I have an LLC that has zero value. Can I just file an individual bankruptcy and dissolve the LLC at another time? How do I handle the LLC? Do I have to include it in the bankruptcy? If so, is it now a small business bankruptcy even if no money is involved in the LLC? I went through the credit counseling.
The LLC has nothing to do with your personal bankruptcy case. Whether you dissolve it, file bankruptcy on it, or take some other action needs to be evaluated separately and done under the laws of whatever state it is incorporated in.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
