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    seventy plus's Avatar
    seventy plus Posts: 2, Reputation: 1
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    #1

    Jan 12, 2010, 01:31 PM
    Being sued for bad debts
    I am being sued for a credit card debt. I backed my sons venture in a business that went sour, partially do to my handling and ecomomy downturn. There are several cards involved and amounts to about 150K. I've closed the business because I can't make bills anymore. I'm over 70 years olds and don't have any assets only debts. I live on a small SSI check and don't see any way to pay this off. Meanwhile all my son has to say is I guess it was a bad idea. DO YOU THINK! What should I do next?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jan 12, 2010, 01:53 PM

    Consult with an Attorney. Are you saying the $150,000 debt is part of the business debt or something else?

    Was the business a corporation, d/b/a, something else?
    seventy plus's Avatar
    seventy plus Posts: 2, Reputation: 1
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    #3

    Jan 12, 2010, 02:04 PM
    Quote Originally Posted by seventy plus View Post
    I am being sued fo a credit card debt. I backed my sons venture in a business that went sour, partially do to my handling and ecomomy downturn. There are several cards involved and amounts to about 150K. I,ve closed the business becouse I can,t make bills anymore. I,m over 70 years olds and don,t have any assets only debts. I live on a small SSI check and don,t see any way to pay this off. Meanwhile all my son has to say is I guess it was a bad idea. DO YOU THINK!. What should I do next?.
    The 150K is all business debt. It was a chapter s corp. with a dba. The corp didn't own any real property.
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