{"id":6641,"date":"2015-02-03T09:00:45","date_gmt":"2015-02-03T14:00:45","guid":{"rendered":"http:\/\/www.duncanlawonline.com\/?p=6641"},"modified":"2020-04-01T22:39:04","modified_gmt":"2020-04-02T02:39:04","slug":"personally-responsible-business-credit-card-debt","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/personally-responsible-business-credit-card-debt\/","title":{"rendered":"Am I Personally Responsible for Business Credit Card Debt?"},"content":{"rendered":"

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\"WhiteYou are only personally liable for the debt if you sign as a personal guarantor.\u00a0<\/span><\/p>\n

What is that you ask?\u00a0 It is someone who ?guarantees? (hence the derivative ?guarantor?) to pay for someone else?s debt should they default on their obligation.\u00a0 It is quite like a co-signer but normally applies to business debt.<\/span><\/p>\n

As you know, businesses come and go as the days go by.\u00a0 It is quite easy to open and close a business; and as many credit card and loan companies understand this, they will often have the owner of the company personally sign as a guarantor on the loan.\u00a0 This protects the creditor should the business close; this way even if the business itself is not open, there is still a live body that obligated to pay them their monies owed.<\/span><\/p>\n

The good news is that if you have signed as a personal guarantor on a business credit card or loan and the business has closed, should you file a bankruptcy<\/a>, you can include that business debt as part of your personal debt to relieve your personal liability on the debt owed.\u00a0 If the business is still open then the creditor has every legal right to go after the business for the debt owed, but not you personally.<\/span><\/p>\n

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