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
We can be reached at 507.334.0155 (Toll Free: 888.777.5009). Our web address is: www. corbin-law-office.com.
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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
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.
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
The above answer is in general terms, and is not meant as legal advice. In order to fully answer the question, more information would be needed.