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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I had credit cards through my business which is incorporated,

Customer Question

I had credit cards through my business which is incorporated, I ran up debt. Went through a debt counseling company to negotiate payment plans. Now I find that these charge offs and such are effecting my husband's and my personal credit rating.Is there any thing that can be done?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
It sounds like you may have had personal guarantees on these as well. Because of this, the fact that you have renegotiated them (and may have had late payments etc) would show on your own credit report as well as being a business debt. A personal bankruptcy would clear those guarantees for you, leaving just the business responsible for the debt.
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Customer: replied 8 years ago.
Is there any way not to have this effect my husband's credit
Expert:  Terry L. replied 8 years ago.
If he signed on them, then there is nothing you can do to change how it is reported on his. If he did not sign on it, then you can write a letter to the credit bureau if it is being mis-reported. Each has a dispute form on their individual sites.