If I have a judgement from 7 years ago from a credit card and now I have been offered a business to purchase, is it possible to do so?

UPDATED: Oct 1, 2022

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If I have a judgement from 7 years ago from a credit card and now I have been offered a business to purchase, is it possible to do so?

I believe it has to be in my name.

Asked on September 11, 2018 under Business Law, North Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

It is possible IF the business seller chooses to sell to you, and you choose to buy under the terms they offer. The law does not specify who can buy a business and what level of credit is necessary for it--it is up to the parties. The seller could refuse to sell to anyone without perfect credit, or they could have no problem with this judgment. Similarly, a bank or other lender (if you need financing) could consider you a bad risk and refuse to sell (since banks, etc. are free to decide when and to whom, on what terms, they will lend), or the bank/lender could extend you the financing. There is no legal bar to buying the business, but it's up to the seller and the bank (if you need financing) to decide whether to do so or not.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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