QUESTION

I am the GM for a small start up company. I applied for various business credit cards under the company name but with me as the primary account name

Asked on Jun 22nd, 2011 on Debtor and Creditor - Missouri
More details to this question:
The company is now having sever financial difficulty. Can I be held responsible for this debt?
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1 ANSWER

DWI Defense Attorney serving St. Louis, MO
Partner at JCS Law
3 Awards
You would want to review the contract to see if you personally guaranteed the loan. Most loans and contracts involving small businesses require a personal guarantee. If that is the case, then you can be held personally liable. You may be able to settle the debt for less than the amount owed, but if the debt is large, filing for bankruptcy protection may also be something you should consider.
Answered on Sep 01st, 2011 at 3:47 PM

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