What is the name of your state? San Jose, CA
I sold a business early this year but had to sign as a guarantor on the leasehold (otherwise, the landlord would not approve of the assignment). Last September, my buyer defaulted and abandoned the store. Now I got a letter from the property managment saying that I have financially responsible for the rest of lease agreement (up to $105,000) or till they find a move-in tenant. The current due balance is already almost 10K. Just wonder if anybody has run into similar situations and how you got out of it. I have a full-time job right now but my wife does not. Can I file chapter 11/7 to protect myself and my house? (I just bought a house). Thanks.
I sold a business early this year but had to sign as a guarantor on the leasehold (otherwise, the landlord would not approve of the assignment). Last September, my buyer defaulted and abandoned the store. Now I got a letter from the property managment saying that I have financially responsible for the rest of lease agreement (up to $105,000) or till they find a move-in tenant. The current due balance is already almost 10K. Just wonder if anybody has run into similar situations and how you got out of it. I have a full-time job right now but my wife does not. Can I file chapter 11/7 to protect myself and my house? (I just bought a house). Thanks.