Business Credit Card Debt and Other Business Debt
Filed under: Uncategorized, bankruptcy, bankruptcy attorney, bankruptcy lawyer, credit card, credit repair, debt settlement
Just about anything is negotiable — at least here on earth.
That goes especially for business credit card debt and other unsecured business lines of credit. Credit card companies and banks often do not possess the required documentation to bind you personally. Sure, they may try to sue you personally, but if pushed they often back down.
I’ve discovered over the years that the original application for credit is often missing key information that would create personal liability. If an application for credit was taken on the phone or online then this can make it particularly burdensome for the creditor to prove you are personally liable.
And even if they take your application in writing, that application is often lost or thrown away. When I ask for the documentation the creditor can give me my client’s social security number, but no signature or personal guarantee. That’s a problem.
This glaring ommission provides an opportunity for me to compromise the debt for pennies on the dollar or, in some cases, not pay at all. It’s almost humorous to watch the hard line creditor crumble when pushed back. The “credit bully” can become a marshmellow if you find the pressure points and squeeze!
God Bless,
Michael Mack, Attorney & Counselor at Law
www.TheCreditMan.com
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
Connect to me on LinkedIn
If you want to see my LinkedIn profile, click on this button:
