UT friggin' OH

[Scott1971]

Pennsylvania

My nephew and I started a business together. I personally guaranteed the credit card. We parted ways last year. I forgot about the credit card. I just found out via phone calls from the credit card company that the card has a $60,000(max limit) balance and is over 30 days late. When we separated, I gave up all ownership and interest in the company stating nephew is responsible for anything pertaining to the business. Credit card co. is still coming after me. What can I do?
He took cash advances, charged hotels, gambling web sites, escort services, clothing stores. Any way I can get out of this and have the credit card co. go after him? We used to be so close but due to business reasons, we are here....and worse yet...here.

Thanks

[JETX]

Originally Posted by Scott1971

PWhat can I do?

Pretty simple: Ignore it until the sue you, or pay it, or negotiate a settlement or file bankruptcy.

Any way I can get out of this and have the credit card co. go after him?

Nope.... but YOU can sue him for your damages after you pay the credit card bill.

[Scott1971]

Thank you for your reply. If I sue him for damages what is my case? I signed to be the guarantor?