My question involves bankruptcy in the state of: Texas
I was the sole owner of a small business (LLC) and I stopped doing business several months ago. I am now working as an employee at a medium-sized corporation.
My business bank account, which was my LLC's only asset, has been depleted. However, the LLC has numerous liabilities that I have been unable to repay. These creditors have turned everything over to collection agencies, who are now calling me constantly. In addition, I was just served with a lawsuit (naming my LLC as the defendant) from one of the creditors. I don't dispute the validity of these debts, I just can't do anything about it right now. I really don't know what else to do. Should I file a company bankruptcy for my LLC?
I was the sole owner of a small business (LLC) and I stopped doing business several months ago. I am now working as an employee at a medium-sized corporation.
My business bank account, which was my LLC's only asset, has been depleted. However, the LLC has numerous liabilities that I have been unable to repay. These creditors have turned everything over to collection agencies, who are now calling me constantly. In addition, I was just served with a lawsuit (naming my LLC as the defendant) from one of the creditors. I don't dispute the validity of these debts, I just can't do anything about it right now. I really don't know what else to do. Should I file a company bankruptcy for my LLC?
Chapter 7: LLC Discharge
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