Considering bankruptcy ...

[jjbbkk]

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

We are currently operating a restaurant and due to severe market conditions considering filing for bankruptcy as one of the main options. The restaurant is currently listed for sale but due to declining sales and negative profit, it would be almost impossible to sell it. During the closing we have also signed the "personal guarantee" disclosure and therefore are concerned with regards to personal assets if we file for bankruptcy. Can someone please advice what are my options with regards to bankruptcy and what is the best way to handle it? I would really appreciate any feedback or comments.

 

[airforce1]

Business bankruptcy:virginia

I am in the same situation,we took over our restaurant lease in Feburary for three months free rent,business could not start by June.We are LLC with two partners at 50%.We both signed personal guarantees with my wife as well.My wife is already in ch 7 proceedings.My partner has vanished.I have liability of lease,utilities and bills.We spent about 75000 on lease hold improvement and new furniture,equipment.Buisness bankrptcy is only viable solution,but its spillover onto personal assers makes me nervous.The lnadlord was provided with three different parties to take over business as it is ,but he turned greedy and refused to break lease.Biz bankruptcy may the only solution to break lease.Keep me posted with ur situation at "[email protected]".