How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

I Closed down two of my bussinesses due to the economic disaster

Resolved Question:

I Closed down two of my bussinesses due to the economic disaster and I lost my job. Both of my bussiness were under LLC but I had signed personal guaranteed on the lease of the bussiness which has about 4 years left. I just found the job to make decent money. My question are what is the best way to get out of the lease and will the landlords go after me for the remain of the lease term?? Bankruptcy?? Will they take money from my pay check??
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.


In the absence of a provision in your lease to the contrary, you would be subject to damages for the early termination of your lease but not necessarily the full balance of the payments.


In Colorado, the landlord has a duty to mitigate his damages resulting from early termination of a lease. This means that the landlord must use reasonable efforts to relet the property. In the event he is not able to relet the property, you will remain liable for the total amount of the lease payments. In the event he is able to mitigate his damages and relet the property, you will be liable only for any shortfall between the new tenants lease and your lease.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE


Customer: replied 8 years ago.
What will happen to me from now if I just irgnor it....Do you think they will garnesment my paycheck??? what are the involving process and time frame??
Expert:  Ellen replied 8 years ago.
Hello,


Prior to any garnishment, the landlord would need to file a lawsuit and obtain a judgment. You may have a couple months at least.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions