I've a quick question, maybe some of you might know the answer. I've a Corp. AMEX as part of my job, for travel (planes, trains, hotels, meals, etc). It has my name and the company I work for's name. I am billed from AMEX (at work), the company reimburses me and I pay AMEX with a check. This will change soon, though, I believe, and the company will pay AMEX directly after I do my expense report. My question is, let's say all hell broke lose and I had to file BK (I'm relatively far from this, and determined not to, but never say never). What happens with that card? What's the policy? How do I find out if it's my card in my name or the company's card and I'm just authorized to use it. I'd like to keep my job in a post-BK. I don't have anything to do with budgets. I write and I'm pretty good at it. But I do have to travel now and then. How do I find out whether I'll be affected in this capacity?
Your best bet is to ask American Express who bears responsibility for that card, you or your company. I would assume that you bear responsibility, since you are the billed party. That's how mine worked when I had them. Your company may or may not be co-signers. If your company decides to pay this card automatically, that saves you the aggravation of cashing the check and mailing the payment, but you'll need to watch them like hawks. If your company is late, YOU get the credit ding. If it's yours, whether your company is a co-signer or not, you'll probably lose the card even if there is no balance on it. You will certainly lose the card if there is a balance on it. If there is a balance on that card when you file, and the card is yours, you are obligated to file on it.
Yuck ... that's what I fear. Any chance they'd make an exception? I've read here that AMEX is a stickler in the highest degree. Anybody been through something similar? How'd you handle it?
My wife and I filed nearly three years ago and she never had any problems with her american express corporate card. I don't think they even look at her credit. Ive never seen them on her reports. It is in her name on the card and the bill though.
Get a copy of your credit report. Look at it. Does AMEX show up as one of your accounts? Does AMEX ever pull inquiries on your report? If the answers are no, you have nothing to worry about.
Sounds like it's your company's card as their name is on it. If they are responsible, probably won't matter if you file bk, but good question to ask amex. However, if the card is in your name and you file bk, amex will cancel it regardless if you owe them nothing on the day you file. They may not catch it immediately, but supposing six months after filing they catch it during a normal account review. You will get a "friendly" phone call that will ruin your day. The part that doesn't make sense is...supposing you were the responsible party, the card is in your name and you were never late on your account... you used the amex for all of your expenses and maybe spent 20K/month. They will close it just the same and write off the amount owed, rather than keep it open, collect the amount due, then cancel after your payment is received but before you attempt to use the card again.
Actually, you don't necessarily have to worry about Amex canceling you just because you file BK. I have a BK on my file that will age off in two months (finally), but have held Amex since 2 years before filing, and for almost a decade after filing with the BK showing on all reports and several account review inquiries performed during that time. As a matter of fact Amex approved me for an upgrade from Green to Gold (checked TU) before my 13 was discharged but almost three years after filing! I just never included Amex as a creditor at filing b/c they had a zero balance.
