Legal Question in Credit and Debt Law in Minnesota

my husband has a business line credit card (Wells Fargo ) it has gone into recovery. We have been making monthly payments, spoke to them approx.8months ago, indicating we would try and get this resolved in Nov. of this year 2015. His business has been sold, he owed 80.000 on the card. After he closes on the business, and bills and taxes were paid, it left him with $5.ooo cash. It is listed under his name only and his business. They want the $5,ooo now and then monthly payments of $2000. .which I do not know where we will get it from.What do we do? The girl I spoke with on the phone, demanded the money, and questioned why this bill was not a first proitey. Tried to explain , the state sales tax, and IRS took it all. Now what, who do we deal with on this matter

Asked on 11/19/15, 3:22 pm

David Anderson Anderson Business Law LLC

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It may help to have an attorney negotiate a settlement payoff

They know the alternative is Bky or litigation which is expensive

I do this for my business clients

Call or email for assistance

I am in Eden Prairie

Answered on 11/19/15, 4:29 pm

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