I have been sued for breach of contract. I was the subcontractor and the GC sues me for over $500k for breach of contract. Can I file bankruptcy to protect my personal assets? My company is an LLC
I am not a bankruptcy attorney, and I strongly recommend consulting one under the circumstances. However, I am a constrcution attorney and, if you're interested, I'd be happy to speak with you about potentially defending your company and you individually from the GC's claim. We can at the very least determine the feasability of defeating the law suit or otherwise handling it in a matter that would allow you to continue doing business.
If you're interested in getting in touch, please feel free to contact me via any method below.
Very best,
Ben
281-762-1377
ben@houseperron.com
www.houseperron.com
Hello,
Your LLC is designed to protect your personal assets. You should not need to file bankruptcy unless you see allegations of fraud or attempts to pierce the corporate veil inside of the Plaintiff's Original Petition. If it is just a regular breach of contract action and you are not named personally, the company can take the judgment, you close it down (or leave it open with nothing inside), and you walk away.
If that seems a bit unfair, Plaintiffs should really evaluate who they're suing before they throw out lawsuits Defendants aren't likely to be able to pay.
E. Aaron Cartwright III
214.789.1354
Aaron@EACLawyer.com