Q: I hold business credit cards with outstanding balances from major banks including PNC Bank, BOA, and Chase.
These CC accounts are approx. 2-3 years old and unfortunately, due to business challenges, I am considering closing down the business. I personally guaranteed these business CC. The business has been experiencing financial instability for a while now, and it has become increasingly difficult to manage the monthly payments and high interest rates with these CC. Given the lack of liquidity, assets, and income within the business, continuing these payments seems unfeasible. I have not yet contacted the banks directly. Prior to doing so, I am seeking legal advice to better understand the available options. I am curious to know if there are any potential avenues for having these CC accounts canceled or exploring potential resolutions. I am aware of my personal guarantee on these business CC, and I am prepared to deal with the worst-case scenario. However, I am hoping to gain insight into potential strategies or solutions that could help the current financial strain. Thanks for your time
A: Speak to a bankruptcy attorney to discuss various techniques to minimize your exposure.
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A: If you are in CA, why are you asking for NJ? The State you live in determines where you would file bankruptcy if that is appropriate. Whether you will have to file both a business and personal attorney cannot be determined on these facts. Pick the best attorney you can find and remember one rule: a good attorney is generally never cheap, and a cheap attorney is generally never good so don't choose based on price. With modern technology, you can be represented by any high-quality attorney in New Jersey irrespective of geography.
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