Legal Question in Business Law in California

I owe money on chargebacks on a Merchant Account
I had a Merchant account for a small business. I was told by the previous owner that there weren't too many problems with this type of business (medical billing software), however, I've had numerous chargebacks, about $7,000.

I'm not working, in fact I'm on SSI. I have negotiated with some of the companies to accept a reduced rate. Visa/MC won't negotiate & I owe them $5,800.

I'm distraught over this debt, previously I've suffered from severe depression & now it is worse. What will happen if I can't pay these debts. Will my credit be ruined. Is there anything an attorney can do for me? Please reply.

Asked on 1/04/99, 1:24 pm

Ken Koury Kenneth P. Koury, Esq.

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Re: I owe money on chargebacks

You can either discharge the debts with a bankruptcy or sue the prior owner for the money.

Ken Koury

Kenneth P. Koury, Esq.

5807 Topanga Cyn Blvd., Suite G-201

Answered on 1/25/99, 7:43 pm

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