Can you file bankruptcy on an LLC or corporation?
Can you file bankruptcy on an LLC or corporation? Min Austria Assistant at Ascent Law LLC Most of us think of bankruptcy as something that involves individuals who have gone over their heads in debt, or those who have failed at running a business. In fact, most people think that bankruptcy cannot be applied to corporations. This is not the case. According to several different sources, you can file for Chapter 11 bankruptcy on an LLC or corporation. In fact, it was just recently that a businessman in Northern California filed an involuntary Chapter 11 bankruptcy on his own company. He wanted to reorganize and sell off his company's assets separately from any debts he may owe personally. He also wanted to protect himself from any lawsuits that may arise from his business' activities while under bankruptcy protection. If you're asking this question, then you're probably wondering if you can get rid of your student loan debt by filing for bankruptcy if you own an LLC or cor...