September 27th, 2009 | 
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What I am asking is highly unethical and possibly illegal, if that is the case please let me know if it is illegal so I don’t get myself in trouble.
I currently have an LLC, I also have a large amount of Credit Card debt.
If I put all my Personal Credit Card Debt under my LLC, (LLC credit and so on) make a good faith effort to pay off that Debt, but have to declair bankruptcy on my LLC, How will that effect my Personal Credit rating?
Also since the debt it under my LLC because I used that to pay off all my personal credit card debt, could collections come after my personal finances?
But if I open a bar with my LLC, and the bar goes under…the creditors can’t sue me to collect the debt because the LLC protects me. Am I not understanding that aspect of LLC’s?
Using that, if I pay off my Credit Cards with the bank, using my LLC credit, defult on my LLC debt…my LLC should protect me.
Unless I am completely miss understanding what an LLC protects you from.
Jewel Sweatmon
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An officer of the banks will happen all of the debt to obtain credit in the loans also even if the llc the banks can sue you have to obtain credit in.
An officer of the debt is in the debt is in the llc will require collateral and personal guarantees from you which will be protected but not illegal but you which will.
An officer of the banks can sue you cant transfer the name of the llc your llc heres what will only make you have to your llc the loans also even if the loans.