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Law Girl
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Category: Business Law
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How do you remove yourself from a business loan

Customer Question

I was part of a company that I need to leave and need to remove myself from the credit cards and one loan that the company has. How can I do this with out paying off all of the loan and cards or filling bankrupcy?
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Girl replied 6 years ago.

DearCustomer

Thank you for your question.

If you personally signed for the loan or credit cards then the only way to get your name off of them is to have the company refinance the loan without your name and have the credit cards issued with a new individual ultimately responsible.

If you merely have a credit card issued by the company in your name, then you can return the credit card. (This is different than being a signatory to the contract between the company and the credit card company.)

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

-KAT

 

Customer: replied 6 years ago.
Reply to Law Girl's Post: Does it matter if the accounts for the credit card where stated with me being the main signatory, even though I am not field as an officer for the company, yet the CEO of the company is on the account as a secondary signatory?
Expert:  Law Girl replied 6 years ago.

If you and the CEO of the company signed the contract with the credit card company in to personally guarantee payment, they can come after either one of you for payment in the event the company does not pay the bill. If the credit card company only had you sign as an officer of the company and the company is only responsible for the credit cards, that affords you a layer of protection.

Customer: replied 6 years ago.
Reply to Law Girl's Post: "If the credit card company only had you sign as an officer of the company and the company is only responsible for the credit cards, that affords you a layer of protection."

How is this know which way the accounts where set up?
Expert:  Law Girl replied 6 years ago.
This can be very tricky. You would probably need to obtain a copy of the application and have it reviewed by an business law attorney.
Customer: replied 6 years ago.
Thank you. Can this Q&A be emailed to me so I can review the answer later on?
Expert:  Law Girl replied 6 years ago.
Sorry I do not have the ability to e-mail to you, but you can print it out for your records.

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