LLC (owner) and filing for personal bankruptcy?

[silvfam]

Any advice please!
We owned a LLC and it was fortfited by the state for not filing franchise tax form in time, at the same time business was too slow and were forced to close buiness, the county asserssors then requested an audit and the audit determined no franchised taxes are owed but they did demand for county sales taxes to be paid immediately folowing thr audit, which we do not have the money to pay. If we file for bankrupcy for me as a personal individial does the llc fall under my personal bankrupcy umbrella (I was the sole officer in the LLC). I also had a line of credit with issued to the LLC, which left a balance after business closed and the line of credit (floor plan credit to sell motorized vehicles). I did sign a personal guarantee to this credit. Does a bankrupcy cover this debt even though I signed a personal guarantee?

Will filing for bankruptcy benefit our situation at all??? Thanks in advance!

[Nadia]

Hello,

The stated goal of federal bankruptcy law is to provide the honest debtor with a fresh start. To help you determine if you need a fresh start, you can use our Credit Card Debt Calculator to determine how long it will take to pay off your credit cards if you do nothing.
A bankruptcy case is commenced by the filing of a petition. You must also file a statement of your assets and liabilities and schedules listing your creditors.
The property a debtor can keep through the bankruptcy is determined by the specific exemptions available under state law. Bankruptcy Information allows you to search for state exemptions. In addition, residents of certain states are allowed to choose federal exemptions instead of state exemptions.


Thank You