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Category: Business Law
Satisfied Customers: 53567
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My wife and I sold our family business to a man in June of

Customer Question

My wife and I sold our family business to a man in June of this year. We wrote a contract for sale document and the buyer has defaulted on the sale. He has taken all inventory and assets of the business and locked them up in his personal storage area and is holding them until we repay his down payment and few payments he has made on the sale. The contract states that if he defaults he will not get his down payment of payments back and all inventory and assets revert back to our possession. What can we do?
Submitted: 7 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 7 years ago.

If he owes you money, have a lawyer send a letter advising him of his breach, citing to the contract language, demanding payment by a specific date and threatening litigation if not paid. Then sue for your damages under the contract plus court costs and legal fees.

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Customer: replied 7 years ago.
We have over $70,000 in outstanding bills related to this company we are not able to pay and are contemplating bankruptcy as well. Should we or can we file for bankruptcy at this time also?
Expert:  INFOLAWYER replied 7 years ago.

Bankruptcy should be an option of last resort if there is no way to work out payment plans with creditors.