Doors Closed on Family Owned LLC

[sagasupra]

My question involves bankruptcy in the state of: California

Well my family and relatives own multiple family restaurants, each restaurant under a seperate LLC. In this down turn economy, we have been forced to close the doors on one of our locations and have been paying the lease on a 14k sq ft location. We are not able to continue paying the lease with the doors closed and have visited a bk attorney. Unfortunately, my family speak very little English and were not able to comprehend everything from the meeting. My question is, If one of the LLC does file for bankruptcy, can the landlord pursue us for our other LLC's and restaurants and our personal property (homes, cars, etc). We have 3 other operting restaurants that are barely breaking even in this economy and each of those 3 restaurants are formed under individual LLC's. Thanks for your help in advance. This is a very traumatic time that we all face and I look forward to your thoughts.

[Mr. Knowitall]

We don't know what guarantees or security may have been given in your family's lease agreement with the landlord, and thus cannot tell you what recourse the landlord will have in the event of default. I suggest seeking clarification from the bankruptcy lawyer, but seeing if you can get a translator to assist you in your understanding. I suggest not using a bilingual friend, as that could waive attorney-client privilege, but it is something a lot of people do.