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New business accounts, old personal debts

Submitted by Rj on Wed, 05/22/2019 - 03:47

Hi everyone,

Last year I had a business fail and both personal/business debts attached to me. I was quite depressed and moved to Thailand but have since somewhat gotten back on my feet.

I now have a Wyoming LLC and work as a freelancer in Thailand, sometimes with US clients. The LLC's bank account is only used for accepting client payments (direct or via Paypal/Stripe) and making transfers to my Thai bank (personal), or to my US broker (also under the LLC's business name).

I have only restarted for a month or so and am concerned that my bank account or brokerage account could be at risk of levy. Wyoming LLCs do not disclose owners. But the bank and brokerage wanted the owner/signer (me) to disclose my name, address and SSN details.

I do not believe the creditor's know of my new LLC since I opened it only recently. Let's say they have an authorized person sweep around looking for accounts in my name. Will my bank or broker report me? The accounts are under the LLC's name, but I am registered as an owner/signer. Not sure if this would qualify as a match against my personal name or not.

Thank you for your advise.

Hey RJ,

I've had a similar problem in the past. Any account that was a business account be it credit cards, loans, or lines of credit are not your responsibility. You did right by starting a new LLC and doing business that way. Creditors take a chance on businesses that's why new businesses have higher interest rates. But even if they pulled your credit for the business accounts it doesn't make you liable.

If you ever wanted to get your old business going again business credit repair does exist, it's just much harder than personal credit repair because the laws aren't as lenient as with consumers.

Submitted by Michael Young on Wed, 05/22/2019 - 13:33

Michael Young

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