Legal Question in Bankruptcy in Virginia
I signed a contract and took over a business since we have taken it over we have made it a LLC. The original contract was just in my husband and my name if we have to default on the loan do we have to file personal bankruptcy or doesn't the LLC cover us????
Asked on 6/09/10, 12:52 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
If the loan was in his personal name, then forming the LLC later does not absolve him of liability.
Answered on 6/09/10, 5:05 pm
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