Legal Question in Business Law in Virginia

credit card liability

i own a small business and we have a corporate american express card that we owe $30,000 on. we have been unable to pay due to the loss of business we have had since september 11. we have been contacted and told by american express that we are liable for this debt personally. i thought the reason to be incorporated is to protect your personal assets. we are living in virginia but hope to be moving to arizona in the next six months. my question is: can they put a lien against our home in either state or is our home protected?


Asked on 3/22/02, 8:25 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: credit card liability

Read the small print on your credit card agreement. It surely says that the person signing the agreement is personally liable for the debt, in addition to the corporation. They can sue and get a judgment; whether that would be a lien on your property in VA or AZ may depend on how the property is titled.

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Answered on 3/22/02, 10:31 am


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