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.
2 Answers from Attorneys
Did you sign a personal guarantee or is the corporation the debtor? Did you keep good corporate minutes and records?
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.
415-450-0424
The Law Office of Daniel Bakondi
870 Market Street, Suite 1161
San Francisco CA 94102
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