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I just got $12k worth of debt dropped on me..... what's the best way to handle?

New Contributor

Re: I just got $12k worth of debt dropped on me..... what's the best way to handle?

Yeah .. i understand when having a business , your business credit is really all you have and you need to protect it.  I'd have to call everyday and ask what can you do for this not to be reported negatively on your report.

Message 11 of 14
New Contributor

Re: I just got $12k worth of debt dropped on me..... what's the best way to handle?

That's the problem - this was pre-LLC - so, this can be put against me personally Smiley Sad.

Message 12 of 14
New Contributor

Re: I just got $12k worth of debt dropped on me..... what's the best way to handle?

That said - I did consult a lawyer on this - apparently the contract is so one-sided (in their favor) that I may be able to legally fight it.

 

Though - not without dragging things through the mud.

Message 13 of 14
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Established Contributor

Re: I just got $12k worth of debt dropped on me..... what's the best way to handle?


mripguru wrote:

That said - I did consult a lawyer on this - apparently the contract is so one-sided (in their favor) that I may be able to legally fight it.

 

Though - not without dragging things through the mud.


So what's cheaper - the legal fees or the bill? I am assuming you were a sole proprietor correct? You are now an LLC? What exactly does the contract say will happen if you default? They sue you, win a judgment and then begin collections? Paraphrase it or whatever just list the key points. 

Message 14 of 14