If you are sued and the credit card company wins--which they almost certainly will, if you owe the money--they will get a judgment in their favor. If you still don't pay at that point, they can use that judgment to go back to court and seek to garnish your bank account(s); put a lien on any real property you own; and also either put liens on other assets or possibly execute on assets (i.e. force a sheriff's sale of your property). The effect on your business will depend in large part on what business structure it is. If it's an LLC or a corporation, while they can attempt to act against your ownership interest--e.g. get an order that if you sell the company, the proceeds need to be applied first to your debt--they should not be able to go after the company itself. If the business is a d/b/a then it and its assets are your assets, and are as vulnerable as your personal property.You should speak with an attorney--$40k at stake is well worth it. You may wish to consult with a bankruptcy attorney--that might be your best option.