Personal Bankruptcy LLC Bankruptcy

[mcastellitto]

I have an LLC set up in MD for Real Estate Development purposes, it only has one managing member, myself. The LLC is not able to pay third party vendors who our owed money for srvices provided (engineers, architects and attorneys). If the LLC is terminated and bankrupt does the bankruptcy affect my personal credit and how is it handled with these outside vendors?

 

[Michael Wechsler]

The bankruptcy should not affect you personally, provided there was no commingling of accounts. Do note that with most small companies, there are typically personal guarantees in agreements.