I am listed as PG for a corp credit $142,000. The company stopped making payments after credit was maxed in a few months. The o

owner and accounts receivable is not responding to my calls. The monthly min payment exceeds my gross monthly income. What are my options?

Nashville, TN -

Find Out More

Attorney Answers (3)

Michael J Corbin

Michael J Corbin

Bankruptcy Attorney - Faribault, MN
Answered

Let's be clear here - there is no such thing as a "corporate" credit card, unless you are a LARGE corporation (like GM or Target). "Corporate" cards are nothing more than personal credit accounts with a company's name added-in. So, whomever agreed to be liable on that account is 100% liable for the whole amount, not just a "share" of it. You don't state why you guaranteed this account or what your relationship is to the company, but you may need to sue them in the very near future. Regardless, however, if they don't pay, the creditor can come after you for payment. You should also discuss this with a bankruptcy attorney since that is probably your only recourse at this stage.

We can be reached at 507.334.0155 (Toll Free: 888.777.5009). Our web address is: www. corbin-law-office.com.... more
Michael Avanesian

Michael Avanesian

Bankruptcy Attorney - Glendale, CA
Answered

I completely agree with Mr. Corbin.

Bankruptcy is probably your best option, but be sure to consult an experienced attorney because you want to protect all your assets.

The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may... more
Steven Scott Davis

Steven Scott Davis

Bankruptcy Attorney - Cleveland, OH
Answered

Your options are somewhat limited and depend on circumstances. If the creditor sues you, you would have a right to sue the corporation, if you are a guarantor rather than a co-maker of the obligation. Whether proceeding against them makes sense depends on whether or not they are collectible. The other option is probably filing a personal bankruptcy, but that would depend on your circumstances. I would suggest speaking to a knowledgeable attorney.

The above answer is in general terms, and is not meant as legal advice. In order to fully answer the question,... more

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

Featured Legal Guides

Questions? An attorney can help.

Ask a Question
Free & anonymous.
Find a Lawyer
Free. No commitment.