LLC (owner) and filing for personal bankruptcy?
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!
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