What can you tell me about LLC bankruptcies?

Answer by  angelabrix (29)

LLC bankruptcies are done by businesses, used to restructure their debt so they can stay in business while paying back their debts.

Answer by  salsafoodie (3146)

When you file a LLC bankruptcy you are basically stating that you are losing money on your business. You are to close the business.

Answer by  tamarawilhite (17883)

A LLC is a limited liability corporation, an entity set up specifically to protect a sole proprietor business owner from having their personal assets on the line when the company fails. The LLC will have to pay back all debts out of its income or assets, but the owner of the LLC does not lose their house or cars.