I started an LLC to sell on Amazon 3 years ago. I’ve only lost money and the LLC is in 20k of credit card debt.
I need to get out. Will the credit card bank be able to come after me personally? How long does the process take?
If anyone has any experience I beg you for some help!
Typically business credit cards are secured by your personal name. Even if you close the LLC or try not to pay it, they come after you. Try to get hardship help, open a 0% and transfer, get a low rate personal loan to wipe the card out with better interest terms etc, but you’ll have to pay it off. The bankruptcy is not worth it.
You could also liquidate any stock you have left to help pay it off.
They can only come for the assets owned by the llc.
The best way to get out of this is not bankruptcy. You are far from it. First thing you need to do is save $1000. Then liquidate all of your savings onto the debt. List your debts smallest to largest. And start paying off the one with the smallest balance first.