What is the name of your state? California
*Was also posted in Credit Card Forum
My husband was an executive in a struggling incorporated company. When there was not enough money to pay company bills, he used our personal credit cards to cover the expenses, ie, travel, postage, advertising, office supplies, etc. In the beginning, this was not a problem, but over the last two years, the company could barely make minimum payments. On a last attempt to salvage this company, the Board fired most of the Executives, including my husband. The reason given for termination, "misappropriation of company funds"- in other words, paying personal credit cards with company money, all of which were business expenses, approved and acknowledged by his CEO, but not by the Board. (The CEO was also fired.)
So, this is where we stand. Approx $ 100,000 in credit card debt in my name ($80,000 Amex in collections), and $100,000 in my husbands name. No payment has been made on any of the cards since his termination in April. The Board has acknowledged that the charges on the cards may belong to them, but have not offered to pay them. None of the charges on the cards were ever signed by me personally, and often, the cards were used by other co-workers of my husbands.
I have had a great credit rating my entire life, no late payments, never missing payments.
I am furious and ashamed.
To add insult to injury, my husbands former employer owed him two months salary, (due to financially struggles, they couldn't afford to give a paycheck- "but don't worry, we'll catch up " excuse) and a month of vacation pay. Of course, an accusation of "misappropriation of company funds" translates to no paycheck at termination and refusal of unemployment benefits...so, obviously, we are dead broke.
The only assets I have is my pre-marital rental property, which I do not want to lose.
What should I do?
*Was also posted in Credit Card Forum
My husband was an executive in a struggling incorporated company. When there was not enough money to pay company bills, he used our personal credit cards to cover the expenses, ie, travel, postage, advertising, office supplies, etc. In the beginning, this was not a problem, but over the last two years, the company could barely make minimum payments. On a last attempt to salvage this company, the Board fired most of the Executives, including my husband. The reason given for termination, "misappropriation of company funds"- in other words, paying personal credit cards with company money, all of which were business expenses, approved and acknowledged by his CEO, but not by the Board. (The CEO was also fired.)
So, this is where we stand. Approx $ 100,000 in credit card debt in my name ($80,000 Amex in collections), and $100,000 in my husbands name. No payment has been made on any of the cards since his termination in April. The Board has acknowledged that the charges on the cards may belong to them, but have not offered to pay them. None of the charges on the cards were ever signed by me personally, and often, the cards were used by other co-workers of my husbands.
I have had a great credit rating my entire life, no late payments, never missing payments.
I am furious and ashamed.
To add insult to injury, my husbands former employer owed him two months salary, (due to financially struggles, they couldn't afford to give a paycheck- "but don't worry, we'll catch up " excuse) and a month of vacation pay. Of course, an accusation of "misappropriation of company funds" translates to no paycheck at termination and refusal of unemployment benefits...so, obviously, we are dead broke.
The only assets I have is my pre-marital rental property, which I do not want to lose.
What should I do?