What is the name of your state? NV and NY
My NV business was purchased 2 years ago by a company in NY.
The deal was we would keep using the business card (that has me as personal guarantor) during transition time (6 months), after which the buyer would repay the business expenses on the card, and start operation with his card. Problem is, he never repaid my card and the card is now in charge off for $117k.
The buyer is going to bankrupt my former company, and want to roll this card into the bankruptcy.
It is not my bankruptcy, but my card will be part of his bankruptcy. Will this affect my personal credit in any ways? Any specific ways I should handle this?
Thank you for your input.
My NV business was purchased 2 years ago by a company in NY.
The deal was we would keep using the business card (that has me as personal guarantor) during transition time (6 months), after which the buyer would repay the business expenses on the card, and start operation with his card. Problem is, he never repaid my card and the card is now in charge off for $117k.
The buyer is going to bankrupt my former company, and want to roll this card into the bankruptcy.
It is not my bankruptcy, but my card will be part of his bankruptcy. Will this affect my personal credit in any ways? Any specific ways I should handle this?
Thank you for your input.