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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55140
Experience:  32 years of experience practicing law and a businessman.
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My corporation closed, went out of business, I am the CEO.

Customer Question

My corporation closed, went out of business, I am the CEO. The corporation has an outstanding debt of $17,000 to American Express. Can I be held liable for it and can my credit report be effected ? I have been sending them payments, but I cannot afford to do it anymore. I am on social security disability.
Submitted: 4 years ago.
Category: Business Law
Expert:  Richard replied 4 years ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. If the card is in the name of the company and the company submitted the application, you have no personal liability for this debt and cannot be held liable. As a result, your credit would not be impacted by the non-payment. AE can only look to the company unless you signed personally on the application rather than as an officer of the company.



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