Business Credit Card Debt

[delala]

Hi everyone,

I tried searching the forum before posting this, but the captcha was not working for me on any browsers!

I currently have a business credit card with American Express and owe 15k. The company unfortunately failed.

The original application had my social and of course the company tax id.

My questions are:

1. Can American Express sue me for the balance owed ?

2. Can they impact my personal credit report even though its a business card and currently its not reflected on my personal items ?

Any advice on how to go about this is greatly appreciated!

[Petunia 100]

Hi everyone,

I tried searching the forum before posting this, but the captcha was not working for me on any browsers!

I currently have a business credit card with American Express and owe 15k. The company unfortunately failed.

The original application had my social and of course the company tax id.

My questions are:

1. Can American Express sue me for the balance owed ?

2. Can they impact my personal credit report even though its a business card and currently its not reflected on my personal items ?

Any advice on how to go about this is greatly appreciated!

Was your business a sole proprietorship?

It kind of sounds like, even if it wasn't, you may have agreed to personally guarantee the debt. If you were merely an authorized user, you would not have provided your SSN. Do you have a copy of the application?

[dczech09]

It kind of sounds like, even if it wasn't, you may have agreed to personally guarantee the debt. If you were merely an authorized user, you would not have provided your SSN. Do you have a copy of the application?

I would actually look into this closer. I have a business credit card through my employer which is for business use only. I did in fact give them my SS so that they could do a credit check (company policy) to make sure I am not a flight risk. However, I am not actually legally on the account. It does not show up on my credit history and I am only an authorized user.

So it is possible that they did provide their SS but are still not liable.

With that being said...

delala, was this for your own business? If so, this will likely be treated as a personal debt. It is VERY difficult to not be held personally liable for a small business credit card. Even if it was a corporation, it would be difficult as your creditor could probably "pierce the corporate veil."

Were you the business owner? Did you guarantee it personally? Did you sign for it personally? Does it show up on your credit report?

If it does show up on your personal credit report, then it is pretty much a dead giveaway that you are indeed liable.

[Fishindude77]

Why wouldn't you feel obligated to take responsibility and pay it off?
Wasn't it you that used the card, spent the money and ran the business that failed?

[amigo1989]

good luck with this

[Weird Tolkienish Figure]

Hi everyone,

I tried searching the forum before posting this, but the captcha was not working for me on any browsers!

I currently have a business credit card with American Express and owe 15k. The company unfortunately failed.

The original application had my social and of course the company tax id.

My questions are:

1. Can American Express sue me for the balance owed ?

2. Can they impact my personal credit report even though its a business card and currently its not reflected on my personal items ?

Any advice on how to go about this is greatly appreciated!

Go to Credit karma and sign up, is the amount in your name?

I think unless you have an LLC you're probably on the hook.