DEAR HARRY: Seven years ago, I started a business with my niece and two nephews. Things did not go well. I was the only one with good credit, so I opened a business credit card with American Express in my name. It was used for cash advances and other expenses. My nephews left some time ago. Then, I became ill and am no longer working in the business. In the last year, the company has flourished and is now successful. Am I still a partner entitled to some profit? I tried to get out of the $15,000 debt with AmEx, but they said no way. How can I fix this?
WHAT HARRY SAYS: Your biggest mistake was not having the advice and counsel of a lawyer from day one. Get one now! As to your American Express card: Contact them by phone and mail to tell them you want the card canceled for all future charges. Since this is so important, send that letter by certified mail with a return receipt requested. Unfortunately, you are still personally liable for the balance due unless you and your lawyer can get your niece to pay the debt. Good luck.