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Re:Chp 7 and single member LLC (1 viewing) (1) Guest

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TOPIC: Re:Chp 7 and single member LLC

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#7791

Shellrott (User)

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Posts: 42

Chp 7 and single member LLC 6 Months, 2 Weeks ago	Karma: 0
If someone files for an Chp 7 Bk and receives a discharge, will that discharge also protect that person's single member LLC or the business assets if the owner was a sole shareholder of an S-Corp?

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#7847

LK311 (User)

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Posts: 112

Re:Chp 7 and single member LLC 5 Months, 2 Weeks ago	Karma: 0
A personal bankruptcy does not extend to protect the individual companies owned by the owner. You would have to file a separate bankruptcy for each company. In addition, if any of the companies had accounts receivables, then the owner would be required to assist teh bankruptcy trustee and "prosecute" or try to recover all receivables or claims of the company.

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