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I have 2 personal credit card with about $12,000 balance and

 
Barrister's Avatar
  • Answered by:Barrister
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Customer Question

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.

 

Optional Information:
State/Country relating to question: Florida

Submitted: 312 days and 16 hours ago.
Category: Consumer Protection Law
Value: $23
Status: CLOSED
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Expert:  Barrister replied 312 days and 16 hours ago.

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?
.

.

.

Thanks.

Barrister

.

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.

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Customer replied 312 days and 2 hours ago.

Thanks for your reply.


Q. - What type of business is this? Corporation, LLC, partnership?

Ans: It is a C Corporation
.
Q. Are you the sole owner or are there other owners?

Ans: I am the sole owner
.
Q. Did you open the business accounts in the business name with you signing as an officer or with you signing personally?

Ans: I am not exactly sure. I believe I signed as the officer. When I run my credit report, these balances on the business cards do not show on my credit report




Accepted Answer

Picture
Expert:  Barrister replied 312 days and 2 hours ago.

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.
.

.

.

Thanks.

Barrister

.

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.

Expert TypeLawyer
Category: Consumer Protection Law
Pos. Feedback: 97.4 %
Accepts: 796
Answered: 7/3/2012

Experience: Attorney with 13 years experience in various consumer protection areas

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