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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9682
Experience:  Licensed to Practice Law
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I am having personal financial trouble and wonder what affect

Resolved 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!
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.

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.

.

Customer: replied 5 years ago.
What could happen with my ownership? Would the creditors just be able to put a lien on my ownership or would they be able to force me to sell my ownership to raise money to pay the debt? I do not want to file bankruptcy I just want to try and negotiate some relief to allow me to keep all my credit good.
Expert:  TJ, Esq. replied 5 years ago.
If the creditors sue you for non-payment and obtain a judgment then they could take your ownership interest in the business and sell it to pay the debt. Bankruptcy would only help if were to file a Chapter 13 and you could afford to pay the creditors at least an amount equal to your share of the business in a 3-5 year period.

If you can get the creditors to work with you by lowering your interest rate then that may be worth a shot. I imagine your creditors would like to keep you out of bankruptcy as well if it's feasible.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.
Customer: replied 5 years ago.
I know I am expanding the question and will be happy to pay you more at the end of this conversation. 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? Thank you so much for your help.

scott
Expert:  TJ, Esq. replied 5 years ago.

Hi again.

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.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9682
Experience: Licensed to Practice Law
TJ, Esq. and 3 other Bankruptcy Law Specialists are ready to help you

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