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Is Merchant Account in Danger?

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  • Is Merchant Account in Danger?

    We are a S corp or a C (whichever one doesn't have the double taxation and makes the corp more like a LLC). My husband and I are both officers of the company. No other employees. Our only assets are 1 used mac and 1 used and really old PC. couple file cabinets, 2 chairs, 2 desks (course mine is personal and I bought it from a friend going out of business). Outdated software, a couple cheap printers and a couple cheap scanners. To conduct business we need phones, the mac, a pc, printer, and us. We are really the main assets of the company. We do printing and graphic design but the printing is farmed out to various vendors, some of which we are now behind on.

    If we file bk on the company, we will also file personal, since many credit apps require the president to sign as a guarantor. Since we'd both be out of a job, the only way to make it would be to set up a brand new company with a brand new name and start over which we could only do if bk court let us keep the used mac and pc and at least one printer and our desks. Without that, we are screwed. Do you think they will let us keep that stuff?

    Another concern is this, almost all our collecting money from customers is done through their credit cards. We have a merchant account with paypal (which sucks) and just set one up with our bank (BB&T) who handles our personal accounts (not much in them) and our company account (not much in there) and our second mortgage. From what I've read, before we file we should set up new personal accounts at a brand new bank and a new company account at a brand new bank. Because some threads say that if we have a loan at a bank that goes on the bk that the bank will close all our accounts and take any funds left in them. Would they close our merchant account too? If we set up a new company would they let us set the merchant account back up? Would a new bank let us set up a merchant account for our new company with a bk on us personal and the old company? Without a merchant account we won't make it in the new company.

    Please advise.

  • #2
    IMO, you need to set up accounts at a new bank and change your merchant account to the new bank too.

    Once you file, your current bank is not going to want anything to do with you.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

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    • #3
      The new merchant account question?

      I guess you're saying after we set up the new company (which we should do before we file) and then set up the merchant account with the new bank before we ever file bk on the old company. Then this new bank that has never dealt with us before is dealing with a whole new company and won't shut us down, is that right?

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      • #4
        I am a sole proprietor and my merchant account is not being affected by my chapter 7. Also, my credit union isn't closing my accounts either. They told me that if they didn't lose any money from the BK then they didn't care.

        My merchant account is through a different Bank in another state and I am still getting my daily deposits from the merchant account. My attorney said that there shouldn't be any problems with it because I didn't owe them money I didn't list it. And the day that I filed, was a day that I didn't have any deposits owing me either. Good luch with everything

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        • #5
          There is really no need to file BK on the corporation; if your corporation has no assets just walk away from it.
          Since it appears you personally guaranteed the loans you will need to file a personal BK.

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