Hello and thank you for allowing me the opportunity to assist you.
Question: “I am having personal financial trouble and wonder what affect it may have legally on the business credit that I have? I have a 50% partner and do not want my personal issues to affect the business. We are an S Corp. Thank you for your help!”
Answer: It shouldn’t be an issue unless you are asked to personally guarantee one of the business’s debt, since a credit check on you personally would need to be done. Otherwise, it’s not an issue since the business is not liable for any of your debts (though keep in mind that your ownership of the company is an asset and could possibly be taken by creditors).
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
Question: “Can you guide me on the best way to negotiate with my credit card companies? should I try doing it myself, use a non profit credit help service, a lawyer. Do you know of a legitimate place that can help me start this process?”
Answer: In my opinion, hiring a lawyer is most effective because people don’t generally hire attorneys unless they are very serious about their particular situation. With regard to debt negotiations, I think it often communicates that the person is on the edge of financial disaster and may be close to filing for bankruptcy. Unsecured creditors don’t generally want consumers to file for bankruptcy because it will likely mean they get little or nothing. Therefore, unsecured creditors may be more likely to favorably negotiate with an attorney than with the consumer or a non-profit credit help service. So, to that end, I would contact The Florida Bar Lawyer Referral Service, which is located HERE. From that webpage, you can have an attorney referred to you who specializes in this type of situation.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).