I have 2 personal credit card with about $12,000 balance and 3 Business Credit Cards under my SSN with about $21,000 balance.I am unable to pay these cards.- What action will credit card companies take against me?- For the Business Credit cards, will they sue me and the business too?- For the Business Credit cards, can they come after assets of the business and profits from the business?Thanks.
State/Country relating to question: Florida
Hello,Thank you for using JA..What type of business is this? Corporation, LLC, partnership?.Are you the sole owner or are there other owners?.Did you open the business accounts in the business name with you signing as an officer or with you signing personally?.
If you need further help please do not rate 2 stars/faces "Helped a little" or 1 star/face "I expected more". This is considered a negative rating against me.
Just reply to me via the “CONTINUE CONVERSATION” or “REPLY” button with the questions you have as I receive no compensation for my efforts for the lowest two ratings.
Please keep in mind that I am trying to help you understand and resolve your situation. I don't make the laws, I am just reporting or interpreting them, so the outcome may not be what you had hoped for.
. Please be patient as I am typically working with several customers at any given time. Some answers take 5 minutes, some 35 minutes. But rest assured, I will get back to you.
Please be aware that I am not entering into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. With that in mind, please do not post any specific information you do not want available for public viewing. The information provided is not a substitute for a local attorney’s legal advice.
Thanks for your reply.
Ok, for the business cards, if they are not showing up on your personal credit report, then you would have signed for them as an officer of the company. If this is the case, then the card company can file suit against your company as the debtor and come after any assets of the company to pay the debt. Once they get a judgment, they can seize bank accounts and equipment to force a sale to pay the debt. .But they can't come after your personal property. However, the creditors who have issued cards to you personally can come after your personal assets, but not the Corp for payment. They can sue and get a judgment if you are in default. They can then garnish wages up to 25%, seize bank accounts and lien real estate in an attempt to collect on the judgment..
Attorney with 13 years experience in various consumer protection areas
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).