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New Contributor
aces33
Posts: 84
Registered: ‎04-01-2013

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.

New Contributor
mripguru
Posts: 85
Registered: ‎04-20-2013

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 :smileysad:.


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New Contributor
mripguru
Posts: 85
Registered: ‎04-20-2013

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.


Starting Score: EX: 545 | TU: 545 | EQ: 554
Current Score: EX: 554 | TU: 616 | EQ: 612
Goal Score: 650, for now.


Take the myFICO Fitness Challenge

What's in my Wallet? Simple Bank Card (www.simple.com), Capital One Platinum MC ($300)
Established Contributor
scenery_guy
Posts: 949
Registered: ‎07-24-2012

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. 


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