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My LLC business has closed. What happens if I dont pay my business cc debt?


dave asked:


I have an Advanta small business card. They have closed. My business that used the card has closed. I dont see it on my personal credit report. What happens if I dont pay anymore?

Joann
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This entry was posted on December 29, 2010, 9:03 pm and is filed under Other - Business & Finance. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

  1. #1 by Jim L on January 2, 2011 - 7:59 am

    Dean

    It is very likely that when you signed the application for the credit card, you were signing a personal guarantee making you individually responsible for the credit card debt if your business fails to pay it. That means the credit card company will come after you personally.

  2. #2 by lynx on January 4, 2011 - 9:30 pm

    Micheal

    Your business license is attached to your social security number which is attached to you…You were the signer for the card What will happen depends on how much you owe on the card…They will call you as debt collectors will do they can sue you for payment and will probably win (you made the charges) you can then request a slow pay from the court but if you miss the payment or late the company can then demand payment in full and attach to any property to re-coupe there loss…or depending how deep in debt you are you can file bankruptcy

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