Can a debt collector sue me after Advanta charged off my credit card balance?

I received a letter from Advanta stating that they will charge off my commercial account and report it to the credit bureaus. Now I am being called by debt collector stating that I will be sued. I am a sole-proprietor and since business is slow, I have not been able to make payments. I have made application for LLC; will this protect me?

An account being charged off just means that the creditor removed it from their books. It has nothing to do with whether you owe or not. Typically credit card companies charge off bad debt and sell to collection agencies. The collection agency now owns the debt and can indeed sue you.

Becoming an LLC after the fact won’t help you at all. You need to work out a settlement agreement with the collection agency. You may be able to settle for 50% to 75% in a lump sum payment. Get any settlement agreement in writing and don’t give the collector direct access to your bank account.

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