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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I had to file a corporate bk on my business in April due to

Resolved Question:

I had to file a corporate bk on my business in April due to judgement against my company. At the time we filed my husband and I had personally guaranteed the lease my business was in. So we had to agree to a settlement to be paid monthly until july of 2011.
The payment has become very hard to come up with as the economy has greatly hurt our business.

Is there anyway to get out of this payment?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

You can either file a personal bankruptcy, or else try to negotiate with the landlord to settle the balance. Since you signed a personal guarantee, you are on the hook for the remainder.

Terry L. :

It happens a lot with small businesses, I had to do that for my firm too!

Terry L. :

any questions?

Customer: Seems pretty extreme to file personal for the remaining- are you for hire to negotiate for us?
Customer: Really frustrating as I know they have someone in space now
Terry L. :

unfortunately not, I am only licensed in IL

Terry L. :

Yeah, commercial leases differ from residential leases in that respect

Customer: Okay- thanks Terry
Terry L. :

maybe the LL will cut you a break because of that

Terry L. and other Bankruptcy Law Specialists are ready to help you