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Business Credit Card

I have about $72000 in debt, I lost my job I think I will file for bankruptcy My question, I had incorporated the company few years ago, closed down 1/2 years ago Still have business card my name on it Because after
i closed business i called credit company they told me i can use this card If I file for bankruptcy
-Is this business bankruptcy ?
-My business partner will affect ?

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One Response to “Business Credit Card”

A licensed trustee said...

First, the coprparte credit card is the responsibility of teh corpoartion so you would not be required to surrender it if you file for bankruptcy persoanlly…

BUT the corporation represents an asset (somethign you own) and if you file for bankruptcy your shares become the property of your bankruptcy and it is unlikely your trustee will allow the business to operate which means the card will be cancelled.

When you own a corporation you really need to sit down with a trustee in person to sort out the ramifications of filing for bankruptcy personally.