Am I responsible for corporate credit card debt left unpaid when my company filed for bankruptcy?

Question

I had a corporate Amex credit card and was left with a pretty big outstanding balance when my company (Burr Wolff) went bankrupt. Am I responsible for this outstanding balance that was for items and services that were charged on behalf of Burr Wolff (Google AdWords, etc.)? I have had no luck in resolving this with any of the bankruptcy lawyers or from anybody at Amex...please help.

Answer 1

The quick answer is "YES", when you sign up the AMEX card your user agreement and corp terms and conditions all should say you are responsible. This is mainly a safe guard again abuse by employees from charging personal items that can't be expensed. In the meantime, you will not get results from AMEX their only interest is to get paid. What's between you and your company is not their business. You need to check into the current bankruptcy process of your company and see if you can become a creditor to recover some of the outstanding balance. Other than that, you can take comfort for the fact Corporate business credit cards are not reported to your personal credit histroy at all. Just be sure to check with AMEX. I would say for now just ingore the balance, consult another lawyer since your current lawyers are obviously not giving you good advise. Probably want to consult a personal finance advisor on this too! Hope this helps you!

Answer 2

For a very similar situation a found a great solution at: CREDITVAULT.NET-

RE Am I responsible for corporate credit card debt left unpaid when my company filed for bankruptcy?

I had a corporate Amex credit card and was left with a pretty big outstanding balance when my company (Burr Wolff) went bankrupt. Am I responsible for this outstanding balance that was for items and services that were charged on behalf of Burr Wolff (Google AdWords, etc.)? I have had no luck in resolving this with any of the bankruptcy lawyers or from anybody at Amex...please help.

Answer 3

If the card was in your name, then you are responsible for it. Unless it was a "company accountable" card.

Call AMEX and ask if the card is a "holder accountable" or "company accountable" card. If it's holder, you need to pay the bill yourself. Then, file for unreimbursed business expenses on your taxes. You could also file to be a creditor of Burr Wolff, but you'd be very unlikely to get anything.

Based on my own experience with corporate AMEX cards, at some point you likely signed an agreement that made YOU responsible.

Answer 4

Your lawyer does not know the answer ?
What is up with that ?
How would we know if the professional handling your case does not ? We would just be guessing . . .
Go back and ask your lawyer again ALSO
Check your credit report , if it is on there , you may be liable . . . but again, guessing .

Answer 5

i`d ask an Bankruptcy lawyer in your area

Answer 6

wait until the chips fall...but I doubt u'll be legally responsible. they will try to snatch ur money, hold firm and tell-em to take a walk in central park!