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lease agreement broken

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calebsmt

Guest
What is the name of your state? ORegon

I had to break a lease because business going under fast. Property manager tells me I owe for the remaining lease. I'm broke and can not pay it. What do I do? DSBO (Desperate small business owner)
 


Well...

If your business was formally incorporated, and you did not personally gurantee the lease, and your business is closed, and you have other secured debts for the business, or you owe taxes on the business...then you can tell the building owner to get in line. You could go through the process of BK'ing the business, but you could just let it die.

If you're not incorporated, or you did gurantee the lease, or you're still doing business, or you don't have higher priority debts in from of him, then chances are the building owner will sue. Actually, he might sue anyway. It just depends on whether he gets a judgement against the business or against you personally.
 

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