I opened an LLC business and borrowed close to 80K.?
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IThe business LLC has closed and now set up to pay off over a 5 year paynent plan tp pay off the debt at low interest rates. It will still drown me financialy. I am better just filing the LLC bankrupt so I can get back to my personal fiannce. BK or payment plan??
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Answer:
I would consider strongly to declare the LLC bankrupt. That's part of the reason that you form a LLC, because is protects your personal assets from liabilities of your company. The debtors can make claim against your company, but not your assets. Find a bankruptcy lawyer that specializes in LLC/Partnership bankruptcies.
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