Legal Question in Credit and Debt Law in Iowa

Credit Card Issue

I was in buisness with a partner, i signed over my shares and moved to another state. I had a credit card that I contiued to use dispite the fact it had the buisness name on it. I got divorced and I was broke so I couldent make the payments. The master account was in my partners name and this was just an extra card. Am i responsable for the debt? The buisness has been desolved and reformed under a new name and he has a new partner. The total is about 12k. Am I legaly responceable for this credit card debt?


Asked on 4/08/08, 11:48 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Credit Card Issue

I would need to see the account app to advise, but it sounds like you would be primarily liable. That being said, unsecured credit cards are the lease collectible form of debt and they will frequently negotiate deep discounts in resolving outstanding balances, esp. if your atty threatens bankruptcy ( where the CC Company would get nothing).

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Answered on 4/09/08, 7:21 am


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