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Old 05-05-2009, 11:54 AM
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Avoiding Bankruptcy

What is the name of your state (only U.S. law)? CA

I have a lease with a property owner for my business that is failing. I have an additional 3 years on my lease. I'm losing money every month. Can I walk away from the lease due to financial hardship and possibly give the property owner a notice or due I have file for bankruptcy to get out of the lease?
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Old 05-05-2009, 12:13 PM
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Originally Posted by noshua View Post
What is the name of your state (only U.S. law)? CA

I have a lease with a property owner for my business that is failing. I have an additional 3 years on my lease. I'm losing money every month. Can I walk away from the lease due to financial hardship and possibly give the property owner a notice or due I have file for bankruptcy to get out of the lease?
What did the property owner say when you asked about renegotiating the terms in light of the pending business failure?
  #3  
Old 05-05-2009, 12:51 PM
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Well, the property owner told me that I would have to offer him alot of money if I decide to leave. I don't have any money to offer him. This is why I'm wondering if I have to file or is there some other protection out there that I have.
Last edited by noshua; 05-05-2009 at 01:14 PM.
  #4  
Old 05-05-2009, 02:24 PM
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Originally Posted by noshua View Post
Well, the property owner told me that I would have to offer him alot of money if I decide to leave. I don't have any money to offer him. This is why I'm wondering if I have to file or is there some other protection out there that I have.
What did he say when you told him a lesser amount that he could get if he negotiates, in lieu of getting nothing at all (though in reality he could still get something) through bankruptcy?
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