1. Hopefully you incorporated in your state and actually have the protection, not as a Delaware LLC, which might not help you. Hopefully you paid the yearly fees and did the registration requirements, too.
2. Declaring bankruptcy doesn't just let you walk away. The opponent will get your assets. Did you claim your computer as a deduction? Other side could get that. They can get any corporate assets up to the judgement amount. If you have regular income from licensing agreements they can also get that. And so on.
3. Declaring bankruptcy isn't without its consequences. Senior officers of companies that declare bankruptcy can be prohibited from serving as a senior officer or founder of other/new companies. In some instances it will show up on your personal credit report.
4. Hopefully you don't have a business line of credit that you made a personal guarantee on. Or friends and family loans.
1. Hopefully you incorporated in your state and actually have the protection, not as a Delaware LLC, which might not help you. Hopefully you paid the yearly fees and did the registration requirements, too.
2. Declaring bankruptcy doesn't just let you walk away. The opponent will get your assets. Did you claim your computer as a deduction? Other side could get that. They can get any corporate assets up to the judgement amount. If you have regular income from licensing agreements they can also get that. And so on.
3. Declaring bankruptcy isn't without its consequences. Senior officers of companies that declare bankruptcy can be prohibited from serving as a senior officer or founder of other/new companies. In some instances it will show up on your personal credit report.
4. Hopefully you don't have a business line of credit that you made a personal guarantee on. Or friends and family loans.
And so on.