What should i do?

[Aprilll]

Illinois
I was trying to open up a business with a friend, we tried to get a personal loan it didn't work out. Along with that we applied for credit in couple banks, one of them was Bank of Amerika.
Awhile after things didn't work out i went to close the bank out and get the deposit money out, and it appeared that my friend used the cards and it was in debt for 2,000.
He never told me nothing about that credit cards came, just said they sended only deposit card. i got him to say on recorder that i didn't know he spent the money, after i found out it was in debt. Right now he's in mental hospital, he was trying to kill himself.
What should I do?

[Antigone*of*Greece]

Originally Posted by Aprilll

Illinois
I was trying to open up a business with a friend, we tried to get a personal loan it didn't work out. Along with that we applied for credit in couple banks, one of them was Bank of Amerika.
Awhile after things didn't work out i went to close the bank out and get the deposit money out, and it appeared that my friend used the cards and it was in debt for 2,000.
He never told me nothing about that credit cards came, just said they sended only deposit card. i got him to say on recorder that i didn't know he spent the money, after i found out it was in debt. Right now he's in mental hospital, he was trying to kill himself.
What should I do?

Bank of America is very good about getting personal guarantees for most of the business credit facilities they offer. Without having more information about your company's structure, I'd have to say that you are on the hook.

[cvdesign]

Personally, I think your only recourse will be to pay the debt and then try to recoup the $$ from your friend -- whether by hiring a debt collector or suing in small claims (don't know what your limitations are in $$ amount for your state).

But AFAIK, when you signed for the account (along with your friend) you accepted the responsibility for the account, good or bad.