Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
The judgment cannot attach directly to LLC bank account since the LLC is a separate legal entity. However, your ownership interest in the LLC is considered personal property to which the judgment could attach.
As of 10/2007 Connecticut had the exemptions listed at the link below:
The assets listed there would be exempt from being attached by a judgment. After the 2005 BK law changes, it is difficult to qualify for Chapter 7 bankruptcy, however, since you have not had income for some time, you may still be able to. Under a chapter 7 BK, however, you go through a liquidation that will wipe out your debts, but it will also force you to give up your non-exempt personal property. So, the better alternative may be a chpater 13 plan where you work out a payment arrangement with your creditors over the next 3-5 years and get your unsecured debts and some secured debts reduced.
The thing that you may want to look into is that the loans you have personally guaranteed may have a provision in them that says that they become immediately due if you file BK. Then BK would not be a good idea. Please click "ACCEPT" so I can get credit for my work. We can continue our conversation after this at no additional charge.