Is an officer personally responsible for business debt if he or she is the one that signed for the account...?

For example...an officer of an incorporated business signs for the business to have a charge account with American Express or another card service... the business goes under and is unable to repay its debt, is that officer who signed for the account and their personal credit report affected even though it was for the corporation?

Unfortunately, Ive tried every avenue to put into a monthly payment but they are not budging. One of my options are bankruptcy that I am looking at but I definitely do not want to go that route.

In the case of a credit card, if the card issuer agreement between the company, the creditor, and the individual is that the individual is responsible for paying the account (which it normally is), then the individual is responsible even if the company goes under. For AmEx, you don't have to be an officer to have a corporate card - many professionals who travel a lot also have company cards to pay for business travel expenses. If the card agreement is that the business is billed, then the company is liable and the creditor must deal with the backruptcy court to get reimbursement. This could occur in instances where the card is issued in a person's name, but the person is buying business related consumable items or equipment (office supplies, computers, printers, etc.).

Unless the officer gave a personal guarantee for the charges on the card I don't think they are liable and it should not effect their credit report.

If the officer signs as an individual in order for the corporation to get the card because the corporation didn't have credit yet, they are responsible. If the officer signs as a representative of the corporation binding the corporation, they are not personally responsible. Officers are responsible for any with holding that are not sent in when a company goes under.

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