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.
Question i lost my business due to city of new York street work around me, i have no job and have both personal and business debt .on my personal credit report i don't see any of the business credit cards account and have no idea if i guarantied the debt. can i be sued for not paying busines credit cards?
Answer Bill:
Thank you for your question. I regret that your business was forced to close. In regards to your liability, you did not mention if you were incorporated or a formal business entity. If so, and you did not personally guarantee the debt, the debt liability should only befall the business. As there are no assets remaining, and no repayment is imminent, the debt will likely be charged off by the creditors. If however, you did place a personal guarantee on those accounts, at some point the creditors or the assigned third party collectors will seek you to repay what is owed. You mentioned you don't see reporting on this, that may be pending. You can call the creditors and see if they can provide documentation on your original agreement.
You might want to look into filing a Chapter 7 Bankruptcy to assist you in getting a fresh start. If that is not an option, you can look into debt settlement to cut some of your losses, and reduce your unsecured expenses. If need be I can make some recommendations for sound and reliable companies.
Bottom line, is yes you can be sued if you don't repay personally guaranteed debt. I highly recommend you seek all available options once you have secured an income stream to sustain yourself. If you found this helpful, please take a moment to rate it so others may benefit from this answer.
