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    loridon1957's Avatar
    loridon1957 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 3, 2009, 01:40 PM
    Business failed can credit card co go after personal assets,
    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jul 3, 2009, 04:19 PM

    If you signed for the cards personally, you broke the LLC and will be responsible.
    loridon1957's Avatar
    loridon1957 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    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.
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