Problems in not paying a Corporate credit card and also a personal credit card

MMPickle · #1 Aug 28, 2008, 01:31 PM

1. We are the main share holders in a "S" corp. The corporation is not longer doing business but have an outstanding credit card balance. We are making the mim payments but will not be able any longer. What can be done to us if we stop paying.
2. We also used a personal credit card for this business and have the same problem.

ballengerb1 · Aug 28, 2008, 01:37 PM

The credit card company will take you to court and seek a judgement. You would likely lose but collecting on the judgement may be difficult for them to do if you are busted. have you looked in filing bankruptcy?



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