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RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 36998
Experience:  I have 30 years as a business lawyer in Texas
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August 7th of 2014 I was approached by a guy wanting to buy

Customer Question

August 7th of 2014 I was approached by a guy wanting to buy my business on installment payments, we agreed on what payments would be and when payments to made and how buyer would structure business change over into his hands by certain date, buyer was
to assume all money owed to all sellers vendors, on the condition buyer does not breach any part of this contract, .it is November of 2015 and buyer hasn't made timely pay ment, hasn't been paying vendors and is causing harm to me , and hasn't changed anything
into his name and hasn't filed the sale of business with county clerks office, in the contract that was signed by myself and buyer and my Secratary that was a noterity, buyer has breached contract in every way possible , and he needs to be foreclosed on, my
question is what steps I need to take to get my business back leagey and I need to know how the process would go on a time frame and what kind of costs I would be looking at Thanks
Submitted: 1 year ago.
Category: Business Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

You are going to need a local lawyer to file a breach of contract and foreclosure lawsuit.Lawyer would seek temporary court orders giving you the business back so that you may operate it.This may take from two weeks to a month to accomplish.

The lawyer will charge you hourly.You can shop the amount of retainer(deposit) they want and their hourly rate.Overall this may run you a couple of thousand dollars.The lawyer may work with you on payments if you need them.

This will be a judicial foreclosure through the courts.The lawyer will get you a judgment for all you are owed including legal fees and costs and the return of the business.

Real estate lawyer here.

http://lawyers.findlaw.com/lawyer/practicestate/real-estate-law/kentucky

You want a lawyer here to get the suit field as soon as you can here in order to recover the business and get a judgment.Thanks again.