Advanta possible lawsuit

[ifucan]

My jurisdiction is: nc usa

New to forum and appreciate all the excellent advice on here. I'm involved with a LLC, and personally guaranteed a business credit card with Advanta. Collection Agency, billing themselves as the offices of Philips&Cohen called stating I had to pay them a settlement. If I did not make a settlement they would advise their client to file a suit.

Again I'm in a llc w/partners but I did the personal guarantee. What am I facing here(debt is $11 grand)? Would they just come after me or the llc itself?
If I were to pay it off, could it ever be "repaired" on your credit?

Lots of questions, I know but trying to offer as much detail as possible.
I guess debt is 8-9 months since last payment. Should I send a small payment to Advanta direct? $50 or so? Own a house and a car, they can't try and do anything on those,can they? Especially since it's unsecured debt?

LLC just simply owns some rental houses in mine and partners names. They can't do anything on thos,can they?

Wow, lots of questions! Thanks!

I am mad at myself for all this though! For now on I'm living debt free!!!

 

[Michael Wechsler]

I don't know your agreement. Most agreements allow the creditor to go after the guarantor without having to exhaust all remedies against the creditor. You have to look at your agreement. With regard to the assets the LLC owns, of course Advanta can start pursuing its remedies. I'm not even sure I understand who owns what. Why isn't the LLC paying its debts?