QUESTION
My business was shut down and I am unable to afford to pay my business credit card, what do I do?
Asked on May 18th, 2016 on Collections - Florida
More details to this question:
I have two business credit cards that I haven't been able to pay on since closing my business about a two years ago. Initially, I attempted to make arrangements with the original creditor however, they were unwilling to work with me on an affordable repayment. Recently I started to receive collection calls from a collection agency and a letter today stating the collection agency intends on obtaining a judgment against me. Originally when the accounts were opened approximately 9 years ago, I personally guaranteed them however, the accounts have never shown up on my credit reports. Although I am now employed, my income allows for me to pay my monthly living expenses without room for additional payments. My question is, can the collection agency obtain a judgment against me and if so, how can I prevent this from happening without having to make payments I am unable to afford?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
Candidly creditors and the courts are unconcerned about your living conditions or quality of life. If yo uhad a personal guaraantee and you owe the money for the business debt, in todays realm creditors frequently sue people and obtain judgments that are good for twenty years plus. YOu will need to find a way to resolve those debts, take your chances on gettin sued or possibly file bankruptcy.
Answered on Jun 01st, 2016 at 1:17 PM
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