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LawTalk, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37639
Experience:  I have more than 25 years of experience in the practice of law.
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I am employed by Aerisa. In September 2009, the company went

Customer Question

I am employed by Aerisa. In September 2009, the company went bankrupt and was purchased out of bankruptcy by BCF Acquisitions. I had accrued over $13K on my personal credit card in business expenses that did not get paid during the bankruptcy. The new company had been paying down the debt at $1000 a month, but I will be let go from the company over the next month or so. My question is how to negotiate that debt down to zero or close as the expenses were not mine. Is there a way to do this without harming my credit or filing bankruptcy. Tom Lewellen
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  LawTalk replied 7 years ago.
Good afternoon,

Is there a particular reason the company has been paying down the debt? I presume that they have been doing it as a courtesy as it seems unlikely that they accepted the obligation when they bought the company from the bankruptcy court.

What additional information can you give me?

Customer: replied 7 years ago.

Yes, as a courtesy. They know the debt isn't mine, but the former owner doesn't have to nickels to rub together so he has no ability to pay the debt. I am the guy stuck holding the bag and wonder is there is any way to negotiate with Amex short of ruining my credit rating by letting it go to collections or filing bankruptcy.



Expert:  LawTalk replied 7 years ago.
Good morning,

I'm sorry---you are really in a rough spot. In all honesty, once you cease working for Aerisa I would anticipate that they will cease payment on the credit card charges.

I would suggest that you approach them about a severance package with some compensation included for the business expenses. Failing that, I'm very sorry, but the debt is legally yours and while you can avoid it by filing bankruptcy, the debt should have been reduced by about half due to their voluntary payments to you, and bankruptcy seems an awful waste for a few thousand dollars. If you have many other debts and without a job will be looking in that direction anyway---you might consider ceasing payments on all your consumed debt until you do file bankruptcy.

I wish you well in your future.

Thank you very much for having allowed me to assist you. It would be greatly appreciated if you would click the orange Accept icon so that I can receive credit for having assisted you.

Best regards,


Customer: replied 7 years ago.

I wonder if it possible to negotiate the dollars down. Do you handle bankrupties. I am thinking that if Amex could get some dollars versus me going into bankruptcy and them getting zero dollars - well, some would be better than nothing. Let me know if you do this type of negotiation.



Expert:  LawTalk replied 7 years ago.
Good morning Tom,

Please understand, we are not allowed to represent JustAnswer customers. We are limited to answering questions for them in this forum. So, I'm afraid that I can't become your attorney.

I am not a bankruptcy expert, per se; however I am familiar with the basic procedures involved, and generally what can be done through bankruptcy. However, your initial question is quite different from what you are asking right now. While I suspect that you may have more questions as regards your situation as time goes on, under the rules of JustAnswer, users are supposed to ask only one question per question thread. While your many follow up questions do relate to the facts you have initially stated, they are in fact new and different questions and should be placed into a new question thread.

Too, despite the fact that I fully answered your several questions yesterday you did not see fit to accept my answer. Was it not helpful? I know it was accurate as far as the law is concerned. JustAnswer is not a free site, but is based on the honor system. You ask, I answer and you then release your deposit.

What I can tell you is that most credit card companies will accept between 30% and 60% of your debt as payment in full rather than having you file bankruptcy. You will have to be as much as 3 to 6 months behind in your payments to them before they will even consider negotiating, but they will eventually capitulate and negotiate with you.

Please don’t forget that I only receive credit for having helped you when you click on the Accept Button located at my Answer.

Best regards,


Edited by LawTalk on 3/3/2010 at 1:32 PM EST
LawTalk and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.

Doug, sorry I missed the Accept button. Anyway, thanks for assistance. It was helpful.



Expert:  LawTalk replied 7 years ago.
My pleasure. Have a great day.

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