Hi - my name is XXXXX XXXXX X'X a Bankruptcy attorney here to assist you.
A personal Bankruptcy cannot discharge debts owned by an LLC.
This is so, even if the person filing Bankruptcy is the sole owner of the LLC.
Therefore, the co-signor LLC will still be liable for the note, even if the person who owns that LLC files a Bankruptcy.
Why would the court let him list all this debt then. Wouldn't he have to show a promisary note and if it is listed under an LLC would he not have to file under the LLC to relieve him of the debt
Did he personally sign the note in addition to his LLC?
The note states that it is a loan to Casey Boyd LLC . On the note it also says that this is excluded from bankruptcy. He and a business partner both personally signed it
His personal liability for the note gets discharged in his personal Bankruptcy.
But the LLC's liability for the note cannot be discharged.
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