bankruptcy for llc affect personal credit
Whether a business bankruptcy will affect your personal credit depends on whether you are personally liable for the business debt under the law.This depends on: 1  the type of business entity you used for your business. 2  whether you personally guaranteed the debts of the business, and. 3  if the business owes taxes, the type of taxes owed.ou own the business assets personally and are personally responsible for all of the business debtor. In order to discharge or wipe out the business debts, you would have to file a personal bankruptcy. This will affect your credit and will show up on your credit report for up to ten years.