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Category: Bankruptcy Law
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Experience:  Attorney in the practice of Bankruptcy Law since 1996
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I have several credit cards that are in the tax id #s of ...

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I have several credit cards that are in the tax id #s of various companies. I had to provide my ss# XXXXX a credit check, but I never signed any personal guarantee. Would that be buried somewhere? What typically happens on company credit cards that go into default?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  JoeLawyer replied 8 years ago.

DKL:

Generally credit cards that go into default will attempt farming it out to various collection agencies, and if that doesn't work, they either file a lawsuit or sell the account in-bulk to some collection firm, who then files a lawsuit in their own name as assignee of the credit card company.

Generally, most credit card lender will not give a credit card to a corporation and require a personal guarantee from someone since a corporation is really just a $90 piece of paper. I would be surprised if the fine print on whatever you signed doesn't have some type of guarantee, but I suppose it is possible.

I hope this helps and a positive feedback is always appreciated if this was useful to you.

Joe

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