Ask Experts Questions for FREE Help !
Ask
    syl1234's Avatar
    syl1234 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 6, 2009, 05:14 PM
    Personal liability for a corporate credit card debt
    We were shareholders in a TX corporation, which is out of business after having its assets surrendered to the bank holding an SBA loan. We are now getting telephone demands for personal repayment of the outstanding credit card debt, including calls at my new place of employment, claiming that we are personally liable since the company is gone. They have now gone so far as to shut off our personal credit card with an excellent payment history over the past 15 years.

    Can they hold us personally liable for this debt if we did not sign a specific guaranty agreement (which the credit card company has yet to provide us a copy of)?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jan 7, 2009, 05:03 AM
    Hello syl:

    Nope! But, you don't seem so sure that you didn't sign one. If you did, they don't have to provide it until you're in court.

    I'd write 'em a letter. Tell them, pursuant to the Fair Debt Collection Practices Act, of 1968, that you ORDER them to CEASE any and all contact with you. Send it certified, return receipt requested.

    The only thing they can do then, is sue you, and that's exactly where you want to be (assuming you DIDN'T sign one of those pesky personal guarantees).

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can credit card sue you for damages and liability? [ 3 Answers ]

Can a credit card company sue you for damages and liability? And if they can do so, I will like to know if it is with the purpose to inflict criminal charges. Also if I can stop all of this filing a bankruptcy? I know I am not guilty of anything. The system just does not work. I called so many...

Is credit card debt open account debt or a written agreement debt? [ 16 Answers ]

I am currently fighting a credit card debt action filed against me by Unifund. The issue is whether credit card debt is open account debt subject to 3 year SOL in the State of Washington or a written agreement debt subject to 6 years. I asked the same question on another forum and received an...

Problems in not paying a Corporate credit card and also a personal credit card [ 1 Answers ]

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...

View more questions Search