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Except in a certain few limited situations, it does not make sense for an LLC to file a chapter 7. This is because a LLC is ineligible for a chapter 7 discharge. See the Bankruptcy Code section is 727(a)(1): "The Court shall grant the debtor a discharge, unless-the debtor is not an individual."
But, to answer your question, yes the LLC (debtor) can file for chapter 7 without its members' (you and your wife) personal assets being exposed since the LLC is considered a separate legal entity. In the petition, you would list the LLC's assets and income, not yours.
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