Business Bankruptcy Chapter 7
My question involves bankruptcy in the state of: NJ
Unfortunately our business is no longer viable, thus we are forced to file bankruptcy. We are an LLC in NJ. Our debt, unsecured credit card (2) debt totals about $40,000. We can no longer make the payments. If we file business Chapter 7, will this be reported on our personal credit report or just our business credit reports? Also, can or will the creditors report the default accounts on our personal credit reports? When we applied and was approved for the credit cards we were a sole proprietor. Several years later we became an LLC. Approximately, how much does it cost in north NJ to hire an attorney to file a business bankruptcy - Chapter 7?
Re: Business Bankruptcy Chapter 7
If you personally guaranteed the debt, the business bankruptcy won't eliminate your obligation as guarantor, and the debt and any collection action may well end up listed on your personal credit report.
If you want to know what a local bankruptcy lawyer charges, you need to call some local offices and try to get prices. The cost of a business bankruptcy will depend upon the complexity of the case.