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Business Debt/Business credit cards

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Expert: - 11/14/2011


Question
I had a business that was established as a corporation. I received several applications for BUSINESS CREDIT CARDS.  and all the hype that went with it. I took out the credit cards under the business name and used it for "business expensive s" Paid  what was due monthly  threw the business  checking account.  The business closed down with no assets. Now  these credit card companies are coming after me personally. I once spoke with a lawyer and he said that it is the corporations responsibility not mine After writing's over and over to the credit  card  companies  now I am getting notices from debt collectors in my name wanting the monies owed and  rectally I  got a  summons in the mail addressed to me personally. What can I  do? The mail use to come to the company name now seems coming to me after  I have written and explained over and over again Business has shut doors.  I owe it .the cards where taken out in the comp;nay name as a corporation  and I signed as the President of the company
ant advice Thank you

Answer
Robin,
I would go back to that lawyer and have him write a letter as a response to the letters you are getting - if that doesn't take care of it, you said you had a summons, so I would go to court (take that lawyer if you can) and bring all your paperwork showing that your business was formed as a corporation, that it went out of business and the financials showing it has no money or assets left.  Without seeing your paperwork I can't really tell what your situation is, but it should be pretty cut and dry as long as you have all of your documentation and you didn't sign anything personally and provided your company was set up as a separate entity from you personally.  This depends on many things so make sure to look at all your paperwork.

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Michelle Dunn

Expertise

As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.

Experience

I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com

Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.

Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.

Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.

Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.

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