Friday, November 11, 2011
Can we bankrupt our LLC that has major debt without losing the company cars? We plan to open a new company.?
The company has been open 5 years and has done well, but being in construction, during these economic times, it has gone into a large debt with several suppliers because of not being paid by other contractors. I'd say 60-70 thousand dollars. t this point, it doesnt look like we can recover it or pay the money back because we are getting less work than before. We have three company vehicles, and all have been paid for each month without late payments. Can we keep those in the event of bankruptcy? or will they be taken? Should be sell the ones we need now to avoid them being taken?
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