What is the name of your state (only U.S. law)? Contract executed in Maryland
I am grateful for your time.
I sold my small business to fund my families expenses while my wife was ill and my son was less than 1 year old at the time. My business operated as a Maryland LLC.
The sale happened on 3/1/08. I sold to a small Virginia Corporation and required the owner to sign a Personal Guaranty. The Payment plan called for monthly payments at a low interest rate over a few years.
The buyer paid their monthly payments for nearly half a year, then stopped.
The buyer now claims that due to the recession they cannot pay any longer. The buyer is threatening to file bankruptcy (business + personal I assume) to get out of the situation.
Under the terms of the Purchase Agreement, I retained 10% of the net profits of the Virginia Corp. for the entire period of the Payment plan.
I don't know what to do.
I am grateful for your time.
I sold my small business to fund my families expenses while my wife was ill and my son was less than 1 year old at the time. My business operated as a Maryland LLC.
The sale happened on 3/1/08. I sold to a small Virginia Corporation and required the owner to sign a Personal Guaranty. The Payment plan called for monthly payments at a low interest rate over a few years.
The buyer paid their monthly payments for nearly half a year, then stopped.
The buyer now claims that due to the recession they cannot pay any longer. The buyer is threatening to file bankruptcy (business + personal I assume) to get out of the situation.
Under the terms of the Purchase Agreement, I retained 10% of the net profits of the Virginia Corp. for the entire period of the Payment plan.
I don't know what to do.