Legal Question in Bankruptcy in New York

I started an LLC a few years back. I didn't do much business and accrued some big credit card debt plus a penalty for not filing my taxes. My interest rate is now up to 21.24 and I'm having a lot of trouble paying off the card every month out of my own pocket. Would it make sense to go bankrupt?.. and if so would it effect my credit?.. And can they go after my assets?


Asked on 3/05/12, 5:52 pm

1 Answer from Attorneys
Jay Fleischman Shaev & Fleischman LLP

The decision to file for bankruptcy hinges on your ability to continue to make your monthly payments and still pay for your basic living expenses. I can't tell you if it makes sense to file, but it definitely makes sense to sit down and go through your full situation with a bankruptcy lawyer.

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Answered on 3/29/12, 9:52 am


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