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Nonprofit defaulted on commercial lease, whats next since nonprofit is not in space?

Discussion in 'Commercial Landlord & Tenant Issues' started by imagediva, Dec 18, 2012.

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  1. imagediva

    imagediva Law Topic Starter New Member

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    Started a great workspace in August, donors ran dry and we tried to keep it afloat pulling from our own pocket, as of December I can no longer do it. Just received default letter from attorney for landlord, we already moved out and turned in keys. We were paying on time and had a security deposit as well. No issues with us and were great tenants we just lost our footing. We had December- August 2013 left on lease. I literally used all my money from my savings to save the non profit but it did not work, I am now broke and worried about what will come on this since my name is on the lease as gurant. Please any help or advise would be greatly appreciated!

    Signed someone trying to do a good deed!
     
  2. army judge

    army judge Super Moderator

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    Depending on how much you stand to lose, bankruptcy might be your only option.

    It appears you assumed personal liability for a business related venture.

    Talk with a BK lawyer in your county.

    He or she can guide you.

    You could try to settle with the landlord, usually they want it all.

    If you get sued, your assets could be levied against, including your home and paycheck.

    You are at great financial risk.
     

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