Possible to file bankruptcy and keep LLC?

[fireworks]

Hey there folks.

I currently run two businesses, one is an LLC and the other is a sole proprietorship. The bills run up by the sole prop. are getting absurd and due to my own stupidity in making late payments the interest rates are sky-high. I'm running out of room on my credit cards fast. There is some commingling of funds going on there to a degree - both business are run out of the same building, and the sole prop pays "rent" to the LLC (which pays rent to the landlord) on occasion.

I know that it isn't possible to give specific advice without all of the details, but as a general rule, would it be possible for me to file bankruptcy personally, including my personal debts and the sole prop. debts, while excluding the LLC? Or would the LLC be considered an asset that the bankruptcy court could take?

Thanks for any advice you can offer.

[lrprn]

Your case is a complex one with the intermingled private funds with two businesses mixed in to boot. You need expert legal advice in your situation from 3-4 bk lawyers in your area who are very experienced filing Ch 7 and 13 for business owners.

Most bk lawyers give free or low-cost initial consultations, so set up the appointments. If you don't know who to contact, start by calling the bar association in your state for referrals. If you have friends/family in the legal world, ask who they would see (you can always say you are asking "for a friend"). Let us know what you find out, ok?