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View Full Version : Business failed can credit card co go after personal assets,


loridon1957
Jul 3, 2009, 01:40 PM
I had a homecare business an LLC. To keep things going we had to take out several credit cards. The cards were in the company name also personal name. Had to sell for a 60,000 loss. Can the credit collection company threaten to do an income and asset search and garnish wages, take my vehicle etc. unless I agree to pay some today. Have had poor health this last 2 years, haven't been able to work a lot. We are doing all we can to pay house and ins. And all the other bills we have. Our medicals bills are overwhelming. Am starting to get health back,trying to get full time work. Any suggestions? Thank you lori:confused:

ScottGem
Jul 3, 2009, 04:19 PM
If you signed for the cards personally, you broke the LLC and will be responsible.

loridon1957
Jul 3, 2009, 05:20 PM
Thank you scott it helps a lot. I did sign personally, wasn't aware of that breaking the LLC. Not sure what to do but thank you very much for quick response

Fr_Chuck
Jul 3, 2009, 07:21 PM
Yes sorry but if you sign personally for the debt you are liable. So basically you have to pay them, or go bankrupt personly also.