Legal Question in Business Law in Pennsylvania

My husbands business has lost revenue in the past year, we cannot pay the credit cards associated with the business, he ran the business as sole propritor, these credit cards were under the business name, can the cc companies place a judgment aginst our personal property, or personal assets, we owe aprox. $60k.


Asked on 9/18/09, 4:06 pm

1 Answer from Attorneys
Matthew Nahrgang Nahrgang & Associates, P.C.

Usually, corporate credit cards are joint debts with the owner. However, in your husband�s case, he was the business so any debts of the business are his. Joint assets owned as part of the marriage are protected from the creditors of one spouse. So, your marital assets are likely protected, but the creditor can freeze a joint account pending resolution of that issue.

I strongly suggest that he consult with an attorney to discuss his options, one of which could be a bankruptcy.

I trust this answers your questions, but feel free to call or e-mail me on a free initial basis.

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Answered on 9/23/09, 5:12 pm


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