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Attorney2020
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2577
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I have a Business Credit Line with Chase that is somehow

Customer Question

I have a Business Credit Line with Chase that is somehow under my name (personal account on the Web), yet I thought this was a loan for the LLC (Az). It is not reported on any of the 3 credit sites. Was set up in 2006 and I want to settle it somehow. No warnings yet because I have 100% perfect credit, so I'd obviously need to stop payment to set this in motion.
I had no idea that I was borrowing against my personal (nor reflected on my credit history). Do I have any strength here?
Crazier yet, I'm making some money on the business and have a credit card on it, but I could change the name and LLC if needed with Arizona.
So how do I test the waters and what are my odds, considering I have equity in other areas.
Thanks,
John
Submitted: 1 year ago.
Category: Bankruptcy Law
Customer: replied 1 year ago.
I actually don't care about my credit - preparing for the storm. But could they get my personal things of value?
Customer: replied 1 year ago.
FYI, I've received the "contracts" but nothing with my signature on it. Where's the thing I signed I wonder?
Expert:  Attorney2020 replied 1 year ago.

If you signed the credit line on behalf of the business, then the business is liable not your personally unless you also personally guaranteed the loan. If you personally guaranteed the credit, your personal things of value would be subject to collection.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may b e credited for my time. I thank you in advance for your cooperation. Thank you.

Expert:  Attorney2020 replied 1 year ago.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation. Thank you.

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