How do I get out of a business credit card balance?

Tips and Deals Forums Consumer Credit Credit Cards How do I get out of a business credit card balance?

This topic contains 3 replies, has 4 voices, and was last updated by  Anonymous 7 years, 7 months ago.

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  • #216065

    Anonymous

    I have lost my business and they have recently charged off my account. I don’t have the means to pay and would like to get out of paying them. I had an LLC but am unsure if that protects me personally. Help !!!

  • #285641

    Anonymous

    Lots of credit cards marketed as “business” cards are nothing more than a personal card with an embossed company name on the front.
    If you didn’t go through an actual formal business application process to get the account…. that is, you just put your own SSN and household income… then it’s not really a business account. So it’s a personal debt you’ll have to deal with and the LLC doesn’t have anything to do with it.

    If it really is a business account, you still have to go through the business liquidation process to pay off any creditors with assets. There is a formal process to that. Besides that, most people with LLCs make the mistake of involving their personal accounts for direct transactions, punching holes in that corporate layer they thought they had.

  • #287820

    Anonymous

    You get out of it by paying it. You might be able to negotiate deleting the “charge-off” from credit reports in exchange for payment.

  • #289045

    Anonymous

    Negotiate and pay

    Pay in full

    File bankruptcy

    No magic fix for unpaid debt.

    Sorry

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