[wonderer]

If a WA state independent contractor who incorporated his one man business has a business credit card with the company name on it as well as his name...and that card was started with his UBI #, not his SS#, (this card does not show up on a credit report for sure)and he makes charges on the card...but later closes & dissolves his business both with the IRS and the state, with a balance owed on this card...the 'corporation/business' owes the balance-correct??, but the corporation /UBI# no longer exist...so does that mean that the person who owned the business is liable now? I don't see how that is possible if the account was started with a UBI & not an SS# AND the corporation/business doesn't exist anymore?? Or will the charges get charged off because the card company cannot collect from the 'corporation/business' becasue it no longer exists?? Can something that started off as not having to do with someones SS# END UP on the persons personal report? Doesn't the fact that it was a 'corporation' protect the individal?? Any light that can be shed on this would be much appreciated. Thank you in advance.

[wonderer]

In a nutshell...if someone with a super personal credit history that they are proud of, had a failing attempt at trying the 'own your own business' thing, if they were incorporated at the time, then closed the business, can late paymemts or problems with the remains of that business harm their personal history??

[aaron]

This business was incorporated? If so, it depends upon whether the person personally guaranteed the business card.

[wonderer]

Yes, incorporated as an S corp.
As for personally vouching it, I don't know that...I suppose what has to be done is the card company must be contacted and just plain asked, correct?? Or how else would that info be found?
Let's consider two things then...Let's say it IS vouched for by the person...then am I correct in assuming that they WILL go after that person and it WILL eventually fall on their personal SS#??
But if it is NOT vouched for by that person, am I correct in assuming that their personal SS# will be safe & un-harmed?? If that is the case, can you say that that person is 'in the clear' as far as personal liability?
But also in that event, does the card company sick collections or eventually a judgement on the Corp.?? And if the corp does not exist any longer, is it a dead end for those collectors?? Or do they eventually hunt down the individual who owned the corp.??
Thank you so very much for you help & knowledge.

[aaron]

If the person guaranteed the debt, the person is liable for the debt.

If you don't have the application documentation, you would have to check with the credit card company.