What are consequences of a defaulting on a commercial debt?
Tuesday, February 19th, 2008 at
9:32 pm
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GL asked:
My business is now out-of business so I am not worried about a commercial credit report but I am concerned about the possibilty of it showing on my personal report or my wages being garnished. One of the collections is from a telephone company (early termination fee of $5,000) that I signed buying pills online for personally but it was used for business. An attorney is now calling and I want to know what kind of action they can actually take?
My business is now out-of business so I am not worried about a commercial credit report but I am concerned about the possibilty of it showing on my personal report or my wages being garnished. One of the collections is from a telephone company (early termination fee of $5,000) that I signed buying pills online for personally but it was used for business. An attorney is now calling and I want to know what kind of action they can actually take?
