How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

on a commerical lease60 days late ..received a 3 day rent or

Customer Question

on a commerical lease60 days late ..received a 3 day rent or quit notice. today is the third dayI have the cash flow in the business to pay just got over my head moving in trying to catch up. I am 32,844 (3 months and attorney fee) behind and i am trying to get a personal loan from someone for the amount. is chapter 11 a viable option for me (we are a church on a 7 year lease?)
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

It appears possible to file a chapter 11 bankruptcy to pay the lease arrearage over the next 3 to 5 years. The Chapter 11 bankruptcy must be filed prior to the court issuing an order for possession in order to be effective

WebLaw :

I hope that it helps to know this information

Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers.