Commercial Lease

[BillZ]

Approximatly 4 years ago my wife and I decided to try the american dream. We invested a great deal of money and opened our own pizza franchise. For 3years we struggled and finally gave up and sold the business. The new owners paid one months rent and were evicted after three months. They have filed bankruptcy and the landlord is now coming after me. Sunday morning fresh out of bed I got a knock on the door and was served with papers.

I pay my bills on time and have a fica score of 780. Unfortunatly I am being sued for an amount well into the 6 figure range. There is no way I can pay.

My question is can I file? If so what would be the best route?

Thanks

[soleprop]

heck yes you can file, and depending upon the way you structured your business, you'll know which chapter to file under. if you were a sole proprietor you can file as nonconsumer chapter 7. give us a few more details, there are extremely knowledgeable business people on this forum.

ps i hate commercial leases with a passion; i got served with papers friday for the unpaid remainder of the lease i had to break when my business tanked. i'm filing next week, screw that guy.

[lrprn]

...and sold the business. The new owners paid one months rent and were evicted after three months. They have filed bankruptcy and the landlord is now coming after me. ...

If you sold the business and the papers finalizing the sale were filed appropriately, why is the landlord coming after you? You don't own the business any longer (or do you?)

My question is can I file? If so what would be the best route?

Anyone can file bankruptcy, including you. The key here is whether filing is the best thing to do in your circumstances.

Given the situation you described here, you need to set up 3-4 free or low-cost initial consultations with local bk lawyers who have a lot of experience filing personal business bankruptcies.

Bk lawyers who file primarily consumer Ch 7 and Ch 13 cases aren't going to have as much expertise dealing with a business bk case like yours. There's no obligation. Lay out all the details and see what each one says. Then come back and let us know what you find out.

Make this very important decision with a lot more sound legal knowledge than a bunch of well-meaning non-bk-lawyers on the internet can give you. Hope everything turns out in your favor!