QUESTION

If I have a Line of Credit that is opend and under the Corporat name and my Corporation is closed oficialy by the State am I in debt personaly to pay?

Asked on Jul 11th, 2011 on Business Law - New York
More details to this question:
Both me and my former partner obtained a line of credit with the bank back in 2004 and we were paying $1000. 00 every year to have it and use it and we were the only users of this line account. Well Times got very hard this pass year and i was forced to close the business and I have a State document that proves I'm closed and liquidated with no personal gains. I also closed the checking account dou to no funds available. But the line of credit did not close they have been sending the corporation collection letters not mentioning me personaly by name or title I have spoken to them in the fact that the corporation no longer exist and they are holding me liable to pay back the credit taken. They have taken money out of my personal checking account with out notice or warning. In my obtained contract there is no mentione in the space provided of what account was to pay back this line of credit wether it was my business checking or personal checking. The money taken was my wifes money.
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1 ANSWER

Michael Stolzar
Although you may not be directly liable, there a various ways creditors or stockholders could seek to recover payments to you by the corporation if they were improper in any way. I would also check to see whether or not you guaranteed the line of credit. This is not intended to be legal advice, and is general in nature. No attorney-client relationship exists or is formed by  this information. furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Jun 14th, 2012 at 10:23 AM

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