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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
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?.
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Thanks.
Barrister
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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..
Experience: Attorney with 13 years experience in various consumer protection areas