Personal business and Bankruptcy, A few questions.

[6sillywalkers]

So my DH is reluctant in Filing because he doesn't want to loose his Concrete business. Is there a way you can file personal bankruptcy and still keep a LLC type business with its assets? Not much in the way of assets really just a vehicle (truck) and a Large trailer full of concrete and construction equipment total worth around $20,000.

This might be a silly obvious question but I thought I would ask. Thanks!

[Bandit]

Very valid questions.
I am pretty sure that is going to be an attorney question & a judge decision. Your husband is smart for being reluctant. I would do some heavy google searches for cases like yours in your area & see what happened. It is such a small amount but because of what it is, it becomes complex. Tools of the trade & wild cards usually are not that high for individual BK.

I am not sure if you can go 11 but I think there will need to be some debt in the business. (?)
Actually, I have no idea what I am talking about, just trying to get more questions rolling with more heads thinking. I did a little searching on my own with the same question & the replies kept coming saying "get comprehensive consultation with an experienced BK attorney in your area."

Have a look at this article:

http://www.articlesalley.com/article.detail.php/48334/188/Small_Business/Business/1/Bankruptcy_LLC_Explained

Legalities of a Bankruptcy LLC

One of the greatest drawbacks to filing bankruptcy as an LLC is that owner has no idea how the judge will treat them. Unfortunately, there are no specific rules for dealing with a Limited Liability Corporation in a business bankruptcy filing.

Because of this, there may be several different factors that a bankruptcy court considers when deciding what to do. The most important factor is the number of member owners in the corporation. That said bankruptcy laws do not define the number of individual owners a corporation must have, especially for an LLC.

There is a place online where you can ask that question & an attorney gives his answer, I do not know the site but others here do.

[HHM]

Yeah, LLC's are tricky. On the one hand, the LLC is a seperate legal entity (assuming your husbands has kept up with the corporate formalities), so if the LLC owns the assets, you have no individual interest in the assets and therefore, they are not part of the BK. However, your "ownership" interest in the LLC IS AN ASSET of the BK. However, because there is no market for the ownership interest (usually), the interest has very little value. I haven't heard of a BK court liquidating an LLC when it is a primary source of income.

In any event, this is something you would need to speak to a lawyer about. Honestly, I doubt you have anything to worry about.