How many times can one person file for bankruptcy?

[ehustlin]

What is the name of your state? California

I am the sole proprietor of a trucking company and I want to know if I file bankruptcy for either my company or my personal credit, will one affect the other. and if so would it if I were to become a LLC.

 

[dorenephilpot]

You can do a petition for Chapter 7 bankruptcy protection every six years.

As a sole proprietor, you ARE the company. So, you would be liable for any debts and therefore would be filing as an individual, with the business creditors listed as your creditors.

If you want to form a corporate entity, you could perhaps shield yourself from personal liability, depending on the structure of the corporate entity and whether the creditors want you to personally guarantee the debts or whether you're able to get credit in the name of the corporate entity.

Hope this information helps.