You are here:
- Home
- Business
- Small Business Information
- Business Debt
- business llc credit - personal credit
Business Debt/business llc credit - personal credit
Advertisement
Question
If I have an llc and I have a truck in the llc name, will it hurt my credit score if I lose the truck. They used my personal credit to establish the credit to buy the truck, but the truck is in the business name. We signed a personal guarantee for the truck.
Brooke
Brooke:
Thank you for your inquiry. If you have not purchased or leased your truck through a corporation, or using a tax ID, but rather your social security number, than you are considered the guarantor. You will be held responsible for the debts. If the creditor does reposes the truck, feel free to contact us at FranklinMediation.com and we can explore possibly settling the debt at a reduced rate.
Related Articles
- Credit Monitoring and Identity Theft - Will Credit Monitoring Prevent Identity Theft?
- Steps Before You Personally Guarantee a Small Biz Loan
- When You Can’t Get Business Credit Without Personal Guarantees
- Personal Guarantee Basics - Business Loans and Personal Guarantees
- Personal Guarantee Business Loans - What You Need to Know
Answers by Expert:
Christine 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. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;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, food service industry and other small businesses and service providers.
©2012 About.com, a part of The New York Times Company. All rights reserved.