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Lawdoctor
Lawdoctor, Lawyer
Category: Legal
Satisfied Customers: 1400
Experience:  22+ years legal practice including corporate, business, criminal, entertainment and litigation
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whenyou have a business contrct what can i do to protect my

Customer Question

whenyou have a business contrct what can i do to protect my assets in case i break my lease
Submitted: 4 years ago.
Category: Legal
Expert:  Lawdoctor replied 4 years ago.
Dear Customer:

Thank you for allowing me to assist you with your question.

Your question is very important to me, but please remember that I can only respond to the information you provide and I do not know your entire situation. My response is limited to what you have written to me and the answer may change with additional facts.

Also, due to site reasons, there are times I am initially only able to see a portion of post, so I apologize in advance if it means that you have to duplicate information.

There may be future facts that are as yet undetermined in your matter, that can and must leave some areas of information provided by me broad in nature. However, don't hesitate to ask for clarification if needed! At times, there can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break. Now, let’s address your question!

If you have a lease under the name of your company and you have not personally guaranteed the lease, then if your sell the assets to another company ( a new company you set up) and the new company pays 'market' value, i.e. fire sale value, then it is in good faith and the assets are transferred to the new company and hopefully they have been removed to the new company's premises and thus the landlord would not have access to the assets.

Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

 

Customer: replied 4 years ago.

I have been in business for 13 years I have 2 years left on my contract but do to the economy I cant make my payment any more I own 3 properties but I dont want my landlord to go after my assets because I broke my lease if I but my assets in a trust are they secure

Expert:  Lawdoctor replied 4 years ago.
Dear Customer:

If they are in a trust and are not personal or business property, your landlord should not be able to get to the properties. A lot of businesses are finding themselves in your position. I have found that a lot have negotiated reduced rent and the landlords have been responsive because it is better to have someone in the space than it be empty and also some money coming in rather than nothing. I would reach out to the landlord and speak to him or her with a plan in hand such as reducing your rent by half for 3 to 6 months and then making up the difference in your future rent payments over the remainder of the lease or he can forgive a portion of the rent each month and you owe nothing further or you quit the lease leaving him holding the bag. If you discuss the possiblity of bankruptcy with him, he will know that he will get nothing if you chose that route and thus he should be willing to make a deal with you. Just make sure that you write up any changes in the lease payments as an addendum to the lease so that it is incorporated into the lease and thus binding on him.

I wish you the best.

Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

Customer: replied 4 years ago.

The properties are under my name and my husband but somebody was tellimg me that if I put my properties under my kids name ther no longer mine or my husbands and the landorl wont be able to go after then

Expert:  Lawdoctor replied 4 years ago.
That is true to a point, however, the landlord if he runs an asset check and sees that the properties were transfered recently and were not for consideration, can seek to have the transfers overturned. However, this is time consuming, and unlikely that he will succeed, so it is a good idea to do this, the sooner the better. If you can hold out a few more months before leaving the lease the better. Again, try to negotiate a lower rent for a few months so that the transfer is not so obvious.

If you signed the deed a couple of years ago, but never filed it with the clerk, you can file it now and he should not be able to go after the property.

I wish you the best.

Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

Customer: replied 4 years ago.
Is there a way to get out a lease do to illness
Expert:  Lawdoctor replied 4 years ago.
Not having the lease to read, I cannot give you a concrete answer. There is not an 'out' in California statutes for this with a commercial lease, there are some outs in residential leases.

If you have an illness or disability, I would approach your landlord with a compromise to terminate the lease. You may even want to consider trying to find someone to take over the lease or better yet, enter into a new lease with the landlord and thus releasing you completely.

If you did not personally guarantee the lease and you quit the lease early and he sues the company, you can always file for bankruptcy protection for the company and that halts the suit. Or if you wish to stay in the store and file for Chapter 11 protection, this would put him and your other creditors on a payment plan and thus give you the opportunity to ride out this wave of financial crisis and hopefully come out of Chapter 11 or if the economy does not turn around in time, you can convert to a Chapter 7. Either way, it gives you an out of the lease.

Now, if you signed personally, he can go after you personally. Look at your lease and see if there is the term 'guarantee' anywhere in the document and if you signed twice, onces as officer or director and once as an individual. If you did, then you are on the hook personally and you can file Chapter 13 for personal in addition to the Chapter 11 for the business.

If you tell him that if he does not help you and if he sues you that you will be forced to file bankruptcy that may make him more reasonable in his dealings with you.

I wish you the best.

Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

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