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Bankruptcy and LLC
I am declaring business and personal bankruptcy, in the state of PA. The business only lasted 11 months. The business was run by my LLC. No other members just me. I closed the business because I could not meet expenses, business was really bad, so I informed the landlord (signed a 5 year lease) and moved everything out and sold it, which helped pay some bills.
The landlord(big company) has put a levy on my personal items and froze my personal bank account. I thought by forming a LLC this would have protected my personal assets from creditors and the landlord. Maybe someone could explain why this is allowed to happen. Thank you. Sandygirl54 |
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Check to see that you did not personally guarantee the lease. I, like you have personal and business financial trouble and have yet to be able to file on either side personal or business, the attorneys tell me I do not qualify. I just know that so many of my business debts are personally guaranteed by myself so they have come back on me. I had to put a bank account in my daughter's name just to have a place to put my money what little I have of it. I'm not an attorney so take what I say for what it's worth, good luck. |
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Correct, if you did not sign a personal guarantee, Also when did you form the LLC, did you form it before you rented the building, if you rented the buidling and latter formed the LLC you are personally liable. Also to be honest they can't just put a levy on your items and freeze your bank account without a court hearing, When you appeared in court and presented your evidence that it was a LLC what did the judge tell you. |
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The bankruptcy has not yet been filed, the LLC was formed before I rented. And my husband signed as a guarantor for 1 year. I don't believe that I signed the lease as my personal guarantee, I believed I was signing as a LLC. The confessed judgment is to the LLC.
The bankruptcy has been held up because of a few documents the lawyer needed and we just obtained. Don't know why everything was slacking but it was. |
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