Real Estate Law
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Hello. My name is***** will be happy to answer your question.
I am sorry to hear about this unfortunate situationAre you being sued personally for the delinquent lease?
Was this franchise a corporation or an LLC?
Please provide me with more details about the situation.
Thank you for your follow up.
When you purchased this franchise, did you purchase the franchise along with an existing LLC for the franchise or did you create your own LLC?
Did you sign any personal guarantees for the business?
When you purchase this franchise, did you agree to assume all of the debts and liabilities of the existing Franchise along with the lease?
While I would encourage you to consult with a local business attorney to have all of the documents reviewed and the entire case evaluated, unfortunately, generally, when a person purchases a franchise business and assumes liability for all the debts and liabilities, the the new owner would be liable for such liabilities which would include any money owed under the lease.
Generally, the best option would be to consult with a local business attorney and have this attorney help negotiate some type of mutually acceptable settlement, so the issue can be resolved once and for all.
I wish you the best of luck
Please let me know if you have any related follow up questions?
How much are you being sued for and what is the market value of your home?
Unfortunately, that is a serious situation that would need to be addressed and resolved, since if the landlord win, he would obtain a judgment and can in fact place a lien on the house or seize personal property, such as cars / boats and can garnish wages / bank accounts, until the judgment amount is paid off.
I wish you the best of luck!