I closed a business that was formed as an S-Corp. I did personally signed for a SBA loan, that I know I personally owe. However, if I opened credit cards and applied over the phone, but did not sign a contract, can they hold me personally liable for the money owed?

2nd, if I'm receiving collection notices that I do not believe I am personally liable for, can I just send back a letter stating the company failed, there is no money, and the corporation is being dissolved, or am I opening myself to be liable by responding to the collection letters?

Last, does an attorney need to be registered with the State as a debt collector if he is acting as a debt collector for his client?

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Originally Posted by witsue

I closed a business that was formed as an S-Corp. I did personally signed for a SBA loan, that I know I personally owe. However, if I opened credit cards and applied over the phone, but did not sign a contract, can they hold me personally liable for the money owed?

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The credit was extended to the corporation without any agreement in writing? And the expendatures were made in behalf of the corporation? You would not be personally liable unless the "corporate veil" can be "pierced", on the theory that you combined your finances with those of the corporation so that the corporate existence should be disregarded.

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Originally Posted by witsue

2nd, if I'm recieving collection notices that I do not believe I am personally liable for, can I just send back a letter stating the company failed, there is no money, and the corporation is being dissolved, or am I opening myself to be liable by responding to the collection letters?

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In theory, no.

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Originally Posted by witsue

last, does an attorney need to be registered with the State as a debt collector if he is acting as a debt collector for his client?

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Probably not, if he is licensed to practice law in that state.