Member liability in Chapter 11

Discussion in 'Growing and Managing a Business' started by PeteSpeaks, Apr 8, 2011.

  1. PeteSpeaks

    PeteSpeaks
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    When an LLC files for Chapter 11, what is liability does each share holder/ member incur? Will it reflect personally on the member's credit?
     
  2. Fergal

    Fergal
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    PeteSpeaks welcome to Business Advice Forum, thanks for joining. Sorry but I'm not in the US and don't have the expertise to answer your question. Perhaps another member with some expertise in this area will reply with some helpful info for you.

    These issues are obviously quite complex from a legal position and I'd recommend that you seek some professional advice from a lawyer or an accountant. Do you know anyone you could speak to in this regard, perhaps someone the business already uses?

    Good luck with getting it sorted out.
     

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