Business Loan Default

[Anonymous]

I have a somewhat large balance on a business line of credit set up 20 years ago on a sole proprietorship that has not operated in 10 years. It is now with Chase bank but that is after several mergers etc. opened at a small local bank. I do not believe they have my SS number and forget if the original line of credit was set up with that or the business EID. They have not been issuing year end tax statements. Bills come to my home address.

the last time I drew from this was 3 years ago and I have been making monthly payments all this time. Balance about $35,000.

QUESTION...if I stop paying can they come after me personally? Do they need my SS number to affect my credit score? what would the affect on my score be and does it vary based on the amount defaulted?

i just stopped operating the business long ago. No bankruptcy. I do have a good FICO now.

this debt does not show on my credit reports.

thanks!

[RonM21]

Looks like a few things at play that someone with more experience can give you better suggestions on. What I'll say is that it is possible that somehow if you stopped paying it could eventually find its way onto your report. Even if the balance was minimal, the impact to your score wouldn't be minimal. The bills showing up at your home address could be of concern, because it already ties in to you.

Hopefully, someone with more knowledge can give you more direct answers.

[Anonymous]

QUESTION...if I stop paying can they come after me personally?

Yes, and it doesn't matter if they have your social security number. As a sole proprietor, you have no protection from liability.