If I file a business Chapter 7 bankruptcy, will that show on my personal credit report?

If the LLC is dissolved why do you need to "clear" the debt? The LLC won't get a discharge.

I don't believe you can file bankruptcy for a cancelled LLC because after cancellation, it no longer exists. However, even if you could, since entities like LLCs or corporations do not receive discharges of debts in bankruptcy, it would do you no good to eliminate its debt. If, however, you personally guaranteed LLC debts, you are likely still personally liable for those debts. Only a personal bankruptcy filed by you could eliminate that debt. A personal bankruptcy, as you can imagine, will definitely show up on your credit report. Some of the LLC's former (now your) debts might not show on a personal credit report, and their post-bk discharge might not show on your report, but the fact that you filed would be there. I recommend sitting down with an attorney or two regarding this situation. Most offer a free consultation.

Didn't you personally guarantee the business' debts? If so, you will need a personal bankruptcy to discharge your personal obligation to pay, which is why it is best to let the bankruptcy lawyer determine the strategy. Hope this perspective helps.

Generally, it is not necessary for a LLC to file BK because no discharge of debts is granted by the Court. Instead, you may need to file a personal BK if you guaranteed payment of the LLC's debts. Click the tab "Find a Lawyer". Some in your area offer a free consultation. Take them up on it.

Almost all banks require the owner of an LLC to guarantee the loans made to the LLC, and about 1/2 of the suppliers, etc do the same. Thus, most people are in the same boat that you are apparently in when their LLC fails. Most peoples still owe most of the debt. If that is the case with you, then you need a bankruptcy file in your name and you need to list every single creditor, even those that you think you did not guarantee. It never hurts to add a creditor that you do not owe, but can be a problem if you intentionally leave off a creditor that you do owe.