Im broke

[wismo]

What is the name of your state? massachusetts
About 6 months ago I bought a tanning saoln in a mall with a H.E.L.O.C from my parents house but have been bearly breaking even.
This month I almost didnt make rent Ive cut out payroll and work 75 hours a week myself.
I need to get a regular job so I can pay bills.
I technically own everything but the space Im leasing.Can I close the doors until I sell the business or the lease runs out in April.
Im a sole propreietor and the only equity I have is a newer vehicle and the tanning equipment and stock.
Please someone give a little advise as to what I could or should do.
Im sick over this and desperate.Thank You in advance for any advice..

 

[HomeGuru]

What is the name of your state? massachusetts
About 6 months ago I bought a tamming saoln in a mall with a H.E.L.O.C from my parents house but have been bearly breaking even.
This month I almost didnt make rent Ive cut out payroll and work 75 hours a week myself.
I need to get a regular job so I can pay bills.
I technically own everything but the space Im leasing.Can I close the doors until I sell the business or the lease runs out in April.
Im a sole propreietor and the only equity I have is a newer vehicle and the tanning equipment and stock.
Please someone give a little advise as to what I could or should do.
Im sick over this and desperate.Thank You in advance for any advice..

**A: yes you can close the doors but you will still have the lease and associated liability.
You may need top file BK 13. Consult with a BK attorney.

 

[wismo]

Thank You I will speak with a bk layer.
I spoke with lease agent and she said she think they may let me out or buy out my lease in january but she needed to talk with her boss.
If thats the case I probably can sell truck to carry myself til January.
If I close they will take it anyway I think..

 

[wismo]

Just a quick question I still havent picked an attorney as of yet but is possible to BK on the remainder of lease and prepaid tanning visits? Thank You much....

 

[JustAPal00]

Most commercial property owners will accept a buyout of a lease. Tell them your situation and offer them 3 months rent to let you out of your lease. If you close he gets no rent, this way he has a few months to look for a new tenant, and might not miss a beat. It's worth a try!

 

[wismo]

update

I was able to buy out lease 3 month out of the six I owed. no more headaches with lease.But if someone cold possibly answer a couple quick questions that I have.
Im tring to get my old job back but right now I have no income.
Before I closed my business I tried to settle up with the few customers I had that prepaid (most recent ones) but some that I left messages with never called me(they had about a week to do so) most people settled for merchandise..
Heres m first question : Can I go bankrupt on visits owed to people I dont want as I tred to do the right thing and letting people know I was closing and they are calling and I really dont know what to tell people at this point.(I have no money right now)I owe taxes 1 business credit card my own personal living expenses (credit card etc) if I do get my job back it will be some time before I catch up if ever. I gues this is more of an advice thing than a question.
Sorry if Im all over the place with this post but I need some help with this.

Thank you for any advice and for reading my jumbled post...

 

[moburkes]

I don't know the answer to your question, but, do you realize that you will need to BK on the debt owed to your parents as well?

 

[wismo]

So does that mean that they wont be able to collect from me.They will have to make those payments themselves?
Im asking cuz I really dont know.
I dont want them to lose house...
Thanks again...

 

[moburkes]

So does that mean that they wont be able to collect from me.They will have to make those payments themselves?
Im asking cuz I really dont know.
I dont want them to lose house...
Thanks again...

I'm sorry to be the bearer of bad news. You need to speak to a local BK attorney so that he can explain your options.

You cannot prioritize your creditors.