AboutChristine Janklow Expertise As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses.
Organizations Turnaround Management Association; Los Angeles area
Publications Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers and service providers.
In 2004, our California business was started with 4 principles; I was one of the four. I was handling the accounting portion of the business. As a corporation, we had applied for a Capital One Credit Card, where the card was issued to my name and one other principle. In 2005, I left the business and relocated to Virginia, leaving the business for other principles to handle. There was no legal document drawn for my leaving the corporation.
The corporate filed bankruptcy in 2006. I just recently received a court order to appear sent to my Virginia address for unpaid balance on that Capital One Card. I contacted the major principle of that corporation, who's a friend of mine as well. He contacted the bankruptcy lawyer who informed him that Capital One Card was not included in the bankruptcy.
What are my rights? Although I applied for that card for the business, am I liable for that card? or am I just an authorized user for that card?
Please advice to what I should do.
Thank you Christine
Answer Andy:
Thank you for your question. It is regrettable that your account "fell through the cracks" and left you in this situation. The first thing you should do is ask if the attorney who filed the BK, if he left it out for a reason (established personal liability, etc.) If he is willing/able to discuss this account on your behalf with Capital One, perhaps he can negotiate an out-of-court settlement. As for your rights, I do not have enough information or knowledge to discern any such terms signed or agreed to when you applied for the card. The bottom line is this is an UNSECURED debt, by which the creditor is exercising an aggressive method to try and recover some losses. In the current banking markets, liquidity is the big issue. If you can offer up some reduced portion of money to satisfy this (prior to going to court)and make them go away it is worth doing.If they prevail, they will probably receive a judgment, but then still have to try and collect on that. Every action they take from here on in will cost everyone as Time = money. I hope this was helpful, scratch every surface and you will reveal something useful.
