Unless the credit was extended to a businsess entity which you purchased (i.e., a corporation or an LLC) I suspect the debt is, in all likelihood, personal to the seller. It is possible that the debts were joint between the seller and his business entity. Your post has insufficient information to answer your question with certainty. I suggest you speak to the attorney who represented you with the acquisition. Presumably you had been provided with financial information about the business before you purchased it.