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.
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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.
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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.
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