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Collections Law/personal liability-bank loan

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Question
10 years ago I signed as an officer of a corporation, on a personal basis also for a line of credit from the bank for the corporation.  I subsequently, resigned or quit the corporation after it continued to lose money, and the president took over my portion of the s corporation ( we filed tax returns as such) about 5 years ago.  Now the bank is looking for payment on the loc, and the president ( who now owns 100% of the stock) is threatening bankruptcy.  Will I be responsible for any of the debt/ all of the debt? When the bank called me, I asked them for a copy of what I had signed; they told me they would not provide such, I believe they have lost the paperwork!

Answer
To the best of my knowledge, the bank has to provide verification of the debt. Unless you have something from your ex partner releasing you from the debt, I am afraid you are stuck.  You need to contact someone who specializes in corporate law.  I wish you the best with this situation.

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Ray A Miller

Expertise

I am qualified to answer questions on the following subjects: FDCPA, FCRA and HIPAA as well as medical collections, general collections and collection agency related issues. I trained these subjects at a nationwide collection agency and customer service call center and audited around 150 representatives for compliance to the laws. I have been in the Collections Industry for over 30 years. I feel that everyone deserves to be treated fairly and with compassion and that is the way I trained collectors. Even though I worked for a Collection Agency, I get great satisfaction in helping those who have been mistreated or in need of help with these confusing issues.

Experience

I was the Compliance Administrator with a nationwide collection agency and customer service call center-I have trained hundreds of collectors on the above referenced topics. I have been in the medical collections industry for over twenty years and research these topics on a daily basis.

Organizations
ACA International

Education/Credentials
Some college ACA Certified Collection Specialist

Past/Present Clients
I am retired due to medical conditions and spend a good deal of time keeping current on collection issues.

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