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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
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Experience:  B.A.; M.B.A.; J.D.
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If I file bankruptcy soley in order to get out of my business

Resolved Question:

If I file bankruptcy soley in order to get out of my business lease, can the landlords come after me for the future rent payments?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 4 years ago.

Could you explain a little more?

 

Are you still renting the space?

Customer: replied 4 years ago.
I am renting a building for my business, which is a financial drain on me. I go into more debt every month just to pay the rent. I have a full time job during the week. I signed a three-year lease almost two years ago. I am running out of credit so I have to get out of the business somehow and I heard that I can get out of the lease by declaring bancruptcy. The business has a few assets and has a little bit of credit card debt. I am liable for about $45,000 more in rent. The business only brings in $1,000 per month and costs $3,500 to run. I can't quite cover all that with my salary, thus the continued debt (home equity line of credit).
Expert:  Phillips Esq. replied 4 years ago.

Thank you for the additional information.

 

If you file for bankruptcy to get out of your lease, you would still have to pay rent in order to continue to rent the premises. Otherwise, your landlord would evict you. However, since you would reject the lease in your bankruptcy, your landlord would not come after you for any money owed or remaining on the lease.

 

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 13082
Experience: B.A.; M.B.A.; J.D.
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