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  1. #1
    Join Date
    Jul 2014
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    United State
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    Default Declaring Bankruptcy After Closing a Business

    If I closed my business and LLC in 2007, can I declare bankruptcy now and avoid bringing forth all that old info? I still get collectors calling. Will it help restore my credit?

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Bankruptcy

    Quote Quoting alibaba
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    If I closed my business and LLC in 2007, can I declare bankruptcy now
    Yes.

    - - - Updated - - -

    Quote Quoting alibaba
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    and avoid bringing forth all that old info?
    That doesn't make any sense.

    If you want to discharge collectible debts that arose from your business then you will probably have to bring forth all that old info.

    - - - Updated - - -

    Quote Quoting alibaba
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    I still get collectors calling.
    About what?

    If you defaulted on debts 7 years ago it's likely that the statute of limitations for a lawsuit has run out. You didn't say what state you are in, in spite of the question that appeared right in front of your eyes when you opened the message space. Only a few states have SOLs that exceed 7 years. Most states have shorter SOLs.

    - - - Updated - - -

    Quote Quoting alibaba
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    Will it help restore my credit?
    Eventually.

    A bankruptcy stays on your credit reports for up to 10 years and effectively trashes your credit.

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