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Whether your personal assets will be "affected" depends on many factors.  Among these are: 1.  Whether you have any liability on the debts of the LLC, such as debts you have personally guaranteed or debts you are responsible for as an officer, such as employee payroll trust fund taxes 2.  The value of your personal assets. 3.  The exemptions available to protect those assets under your state's (or applicable state) laws. 4.  Which Chapter of bankruptcy you file. Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.  You need to have a consultation with an experienced bankruptcy attorney in your area to properly evaluate your options and answer your questions. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  

In Ch. 7, you are simply liquidating your Schedule F unsecured, non-priority debt and paying nothing towards them. If you obtain a discharge, you'll owe these creditors nothing. HOWEVER, since the bankruptcy act was overhauled in 2005, you must now qualify to file a Ch. 7 under the MEANS TEST with no presumption of abuse arising. In a Ch. 13, you actually pay ALL of your creditors SOMETHING in a plan that must be confirmed by the court. You must have enough DMI (disposable monthly income) to support a confirmable plan. How much you must pay monthly will depend on your income and your debts. You also have many more advantageous tools at your disposal with a Chapter 13, too, such as the ability to pay past due mortgage payments (even if you're in an ongoing foreclosure action), readjust car loans or other secured debts that are 910 days or older, the ability to avoid a judgment lien, pay back taxes through the plan, etc. Question Detail: I am trying to figure out the difference between the two to help me decide the best route for me. - only a consultation with a consumer bankruptcy attorney can help you determine what route is best for you. However, if you're trying to stop a foreclosure sale, repossession of a car, stop an action for back child support or alimony, lowering of secured debt over 910 days old, etc., then Ch. 13 MAY be your best option.

If the loan is released and abandoned, then you no longer are liable to pay the remainder of the loan. You should, however, make sure you keep a copy of this release if it comes up in the future.