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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 41221
Experience:  Run my own successful business/contract law practice.
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Hi, My husband and I personally guaranteed a two year lease

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Hi, My husband and I personally guaranteed a two year lease on a commerical building that I had my company in. We where sued and had to file a corporate bk and leave the space. We negotiated the terms of the lease and have been making a monthly payment of 1400.00. This payment is becoming increasingly difficult to make due to the lack of work for self employment on my part. My husband does have a salary position and I am afraid they will try to garnish his wages if payment is not made. What do I do?
Submitted: 6 years ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 6 years ago.
Thank you for your question.

Hmm, how much more do you owe on the debt? Do you have any other debts out at this time?
Customer: replied 6 years ago.
they would only agree to 12 mos. We have now made 3 mos of payments into the 12- The only other debt we carry is mortgage and car notes
Expert:  Dimitry K., Esq. replied 6 years ago.
Thank you for your patience.

At this point, if they are unwilling to renegotiate, you may want to seriously consider personal bankruptcy. Usually this is a viable option if your debts are beyond $10,000, and you are really having a hard time making the payments. If you think that you can suffer through the next nine months, then consider doing so, as bankruptcy does ruin your credit history for 7 to 10 years. You can also use that as a bargaining chip--you can tell the holder that you are considering filing for bankruptcy, and if they do not wish to lose the whole debt to a discharge, they may want to work with you on a renegotiation and a new payment plan.

Good luck.

Edited by Dimitry Alexander Kaplun on 10/5/2010 at 9:59 PM EST
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