debt transfer to business
Date: Wed, 07/16/2008 - 09:08
I have accrued a personal debt of 60k for my business- mistake!! I am self employed and cannot pay the monthly minimums due to some temporary changes in my business revenue. My debt is with AM ex, boa and chase. How do I transfer this debt to my business when my credit is quickly tanking from 750 to 680?
I believe if the debt is in your name (on the card or loan) then
I believe if the debt is in your name (on the card or loan) then you are personally liable for it. The only way I think you can get this transferred into your business is to apply for business credit and payoff the debt under your personal name.
Even then, I am not sure if that would really work because until a business establishes a credit history, many banks require the business credit to be backed by a prinicpal of the company.
Perhaps others on this board will have other replys.
Good luck to you.
Submitted by desperatelyseekingsanity on Wed, 07/16/2008 - 12:56
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