American Express Ask The Get Out of Debt Experts

Sharin and Lipshie Just Froze My Assets for My Business American Express

“Dear Steve,

i recently had a business i shut down , real estate related, we had a american express card in the business , they just had a lawyer freeze assets in my personal bank account , and my account i share with my 95 year old father, the firm was sharin and lipshie, is there any thing i can do about this ? settle , pay in full, ? can i stop the freeze ? i saw they were doing bad business practices , and were being sued by cuomo

James”

Dear James,

You would need to talk to a lawyer licensed in your state for legal advice on this issue. but what I can tell you is that nearly ever single American Express business credit card application I’ve seen requires the person applying to personally guarantee the card. It’s one of those fine print things.

It sounds like if they seized your bank account that American Express successfully sued you over this debt. Had you not worked out any arrangements with them on this? Did they ever notify you about the suit?

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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