Business Contracts Closing A Business But Keeping Second One Open

[felixr]

Hi. Well i have been running a Business for a few years now, and is not going very well I am behind rent (a few months) and I still have 2 plus years on the contract/lease agreement. I got a call from the Landlord a couple of days ago saying to pay up all the behind rent or he will kick me out of there.


In the other hand I have another Business in another city under the same county with a different Landlord. The Landlord that told me to pay up or I am getting kicked out told me that he would go after me and I will loose my other business as well. Can he do that even knowing that he is not the landlord? Or he said it because he can put a judgment onto my other business. What are my options here.


Thanks in advance,
Charly

 

[mightymoose]

If you owe money he may be able to get a judgment against you. He won't be able to do much of anything to effect the other business.
The comment was probably intended to mean that he knows you have another source of income.

 

[felixr]

If you owe money he may be able to get a judgment against you. He won't be able to do much of anything to effect the other business.
The comment was probably intended to mean that he knows you have another source of income.

Thanks for your reply. Yes he knows regarding my other business. The exact words he said that "he will come after me and make me loose my other business". Now, is the Judgment against myself or the business? And also what is A judgment and how is that apply against me.

Thanks again,
Charly

 

[mightymoose]

A judgment against you is essentially an order from the court that you pay someone a certain amount of money. He will sue you, the tenant, not the business, although the money would essentially come from the same place.
If you fail to pay the amount ordered in the judgment then there are a number of ways that he might attempt to collect, none of which should have any significant impact on your other business.

In short, don't be worried about his comment. The sooner you pay what you owe the sooner he will be gone.

 

[felixr]

Thanks again. I will look into a loan to pay up back rent, my other business is making just enough to pay its bills for itself and put food on the table for my kids and wife


So like you said Mightymoose in short, the business can't hardly pay for its own bills thats why I keep falling behind rent over and over, now winter is around the corner and it is even slower for my business.

 

[felixr]

edit.

Ok after a few days I decided to just close the doors of that Business. I can not longer keep up with the bills anymore. I still have over 3 years left on the Lease Agreement. I was behind rent for around 30k. (6 months) and I just can't do it anymore. Not enough sales. Like I said before the other business is doing ok not that great but now I really need what to do.

Any input of what are my option? Because I don't want to loose my other business and Vehicles. What direction should I take. Talk to a Bankruptcy lawyer or?



Thanks again guys.
Charly

 

[army judge]

Yes, you might wish to discuss your situation with an attorney.
Or, have a chat with the landlord.
See if he/she will agree to take 10 cents, 15 cents on the dollar and settle. Or, get NOTHING if you go BK. But, if you reach an agreement, reduce it to writing and get proper signatures.


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