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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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Going through a Ch 7 Texas LLc bankruptcy at the moment.

Customer Question

Going through a Ch 7 Texas LLc bankruptcy at the moment. once this is dicharged, can the bank still come after me say 5, 10 yr. down the line.
I also have $60000 in personal c.c. debt which was used for business. I do not have any income or other assets. DO I need/qualify to file for a personal bankruptcy. I own one car and one is financed which is being paid by someone else. I have about 20000 in IRA ACC.

I am also thinking about moving to New Zealand after the LLC discharge. How will all this affect me overseas. Can the bank still come after me both LLc and C.C.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by JustAnswer.com and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and accept these provisions as well as Justanswer.com's disclaimer?

Please respond with a Yes or No to continue.
Customer: replied 4 years ago.
yes
Expert:  FiveStarLaw replied 4 years ago.
Hello,

You may want to consider a personal chapter 7 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption. Typically your IRA would be considered exempt and you would be able to retain it.
Customer: replied 4 years ago.
so you cannot answer on the LLC part and how would it affect me If I dont file for persoanl and I move to New Zealand.
Expert:  FiveStarLaw replied 4 years ago.
so you cannot answer on the LLC part
You would not typically be liable for any of the LLC debt unless you signed personally.



and how would it affect me If I dont file for persoanl and I move to New Zealand.
You would still owe the money and it would be up to the creditors whether to attempt to collect from you in New Zealand

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