Legal Question in Bankruptcy in California

I have a question, I hope you can help. A few years ago a friend and I incorporated a business. As Secretary/treasurer, it was my "job" to open the bank accounts, credit cards, etc. Since then the business has failed and we are considering bankruptcy.

I was told that since I opened the accounts and applied for the credit cards, that I probably signed a personal guarantee when I did, which makes me personnaly liable and won't be able to include the credit cards in a business bankruptcy and that I will have to separately file personal bankruptcy.

None of these credit cards appear on my personal credit report which I just ran. Does that mean that I did not sign a personal guarantee and I am not personally liable, or not necessarily?

Thank you for your help.

Wilma


Asked on 8/13/09, 7:52 pm

1 Answer from Attorneys
Larry L. Doan Law Office of Larry L. Doan

Even if they don't show up in your credit report, you might still have personally guaranteed them. Contact the credit companies and ask for copies of the applications that were signed in opening the accounts.

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Answered on 8/14/09, 10:27 pm


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