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I have a loan & credit card w/bank in my corp. name. I am no longer operating due to finances. Do I have any protection w/Inc.

Asked over 2 years ago - Granite City, IL

This loan & credit card in Incorporation were given w/o putting anything up at bank. They are pressuring me & I have been trying to work w/them. I can't keep the payments up & bankruptcy is not an option. I also have a personal loan w/them I know I will have to pay this. I am hoping I have some protection with the loan & cc in company name. The company owns nothing. The truck is in my name & I'm trying to sell it at this time.

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Attorney answers (1)

Barry W. Rorex

Reputation Level 12

Answered over 2 years ago. Debt / Lending Agreements Lawyer in Tucson, AZ.

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Without considerably more information, it is impossible to determine how much protection your corporation can provide you. Usually this is very fact dependent and depends on how separately you treated the company business from your own personal finances. The bigger problem will probably be personal guarantees. It is extremely unlikely that you did not personally guarantee the credit card when you signed up. Very few "business" cards do not have personal guarantees in the fine print. When the company does not pay, they will come looking for you.

Please note that I do not practice in Illinois and, therefore, this response is intended as general information and not specific legal advice.

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