Personal Bankruptcy LLC Bankruptcy

[aimeejune]

My husband (now separated) and I have owned a business (LLC) for four years that has basically become a very expensive hobby. We tried our best but can no longer afford the business.
We have attempted to sell it but to date there have been no serious offers. We can no longer pump in our personal financial assets into the business.
Is bankruptcy a reasonable option?

As we are now separated, we will be trying to sell our home this year. Does that complicate matters? Will our personal assets become part of a bankruptcy?

 

[Michael Wechsler]

My husband (now separated) and I have owned a business (LLC) for four years that has basically become a very expensive hobby. We tried our best but can no longer afford the business.
We have attempted to sell it but to date there have been no serious offers. We can no longer pump in our personal financial assets into the business.
Is bankruptcy a reasonable option?

As we are now separated, we will be trying to sell our home this year. Does that complicate matters? Will our personal assets become part of a bankruptcy?

Why not dissolution of the business? Your personal assets will become a part of bankruptcy and you should read other threads about it here. Unless you really need to, it is not an avenue you want to take. It can affect you for several years, especially if you are looking for credit...