Legal Question in Credit and Debt Law in California

i did a business as a california corporation which went out of business last year. i have a debt from a vendor who sent me a letter stating 10 dyas to pay or legal action. am i posonally responsible for the debt? can they hurt my personal credit? should i negotiate to pay. i need your advise.


Asked on 2/08/10, 1:40 pm

2 Answers from Attorneys

Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Did you sign a personal guarantee or is the corporation the debtor? Did you keep good corporate minutes and records?

Read more
Answered on 2/13/10, 1:55 pm
Daniel Bakondi The Law Office of Daniel Bakondi

Sometimes a business credit card uses personal credit, other times not. You may have some good arguments even if they relied on your personal credit if you did not sign a personal guarantee. If you want me to write a letter, it may help prevent later problems.

Best,

Daniel Bakondi, Esq.

[email protected]

415-450-0424

The Law Office of Daniel Bakondi

870 Market Street, Suite 1161

San Francisco CA 94102

IMPORTANT NOTICE: This communication may contain confidential information, privileged information, or attorney work product. If you are not the intended recipient or received this message in error, any use or distribution of this message is strictly prohibited and unlawful. Please notify the sender immediately, and delete this message. No attorney-client nor confidential relationship is created through this communication. Nothing communicated or provided constitutes legal advice nor a legal opinion unless it so specifies and written agreement for attorney services has been entered into. Your issue may be time sensitive and may result in loss of rights if you do not act in time. Thank you.

Read more
Answered on 2/15/10, 11:48 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California