Legal Question in Credit and Debt Law in Minnesota

the bank is collecting HER debt from ME
My ex-business partner and I created a business credit card account when first started out. Apparently, I�m considered a �guarantor� on this account, even though I am no longer involved with the business. I left the business a couple of years ago, and there was absolutely NO DEBT on the CC at the moment of my departure. Recently my ex-partner has filed for Chapter 11 bankruptcy. She had ran the CC charges up to $15,000 before declaring bankruptcy. She has not made minimum payments on the card since August, 2008. Now, since she is under Chapter 11 protection and the business no longer exists, the bank is collecting HER debt from ME. I�ve already made the first payment of $1,500, to protect my otherwise ideal credit history. How do I make her pay? What are my options?

Asked on 3/18/09, 10:36 pm

David Anderson Anderson Business Law LLC

0 users found helpful

0 attorneys agreed

Re: the bank is collecting HER debt from ME

I would have to review the bky file, but if she obtained a DISCHARGE in bky, you cannot go after her.

Best bet is to negotiate a cram down with CC co.

I do this for my business clients.

If you are a signatory on the CC account, you should do credit check. It may already be too late.

Answered on 3/18/09, 11:34 pm

Keywords

Match Any Match All

Country

State

Area of Law