I started an LLC business three years ago. Because of bad economic times, I have lost too much money to continue. I borrowed start up money from a local bank at the beginning and put it all in the business. My personal assets were my collateral to get the loan. If I file bankruptcy on the LLC, will the loan be included or will I have to repay from my personal assets?
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Personal Bankruptcy LLC Bankruptcy
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jharris352
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You answered your own question.
When you bankrupt on a collateralized obligation you forfeit the collateral and any "uncovered" portion of the debt is discharged.
When you bankrupt on a collateralized obligation you forfeit the collateral and any "uncovered" portion of the debt is discharged.
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