What is the name of your state? Florida
Hi, this question is more for my parents rather than for me. My parents own a bookstore in Florida that is going under. The landlord where they rented was not a good landlord at all, but I'll try not to get into that too much unless needed because it's a really long story. Anyway, they were in the middle of their 3rd year ( they signed a 5 year lease) of their business and were having a difficult time with cash flow since Florida is being hit really hard by the economic thing and by the mortgage crisis. So they did manage to get their landlord to agree to allow them to pay only half of their rent until their cash flow started back up again. Anyway, this past month, just a few days ago, they called and told him that even if they emptied the business bank account along with their personal bank account, then they wouldn't be able to pay him all of the half of the rent. Well, then he came back and told them that they have 3 days to get their stuff out or he would change the locks and seize all their stuff. This guy is an absolute idiot becasue they were one of only 3 businesses in his 6 bay building and were actually trying to get him his money. So now he is probably going to place a judgement on their house, which state of Florida makes it so he doesn't get the money until they sell it....well they bought it to retire in so they aren't planning on selling it anytime soon. So now he's not going to get any money until they sell it and he can't even get businesses in his open bays. So anyway, all this to explain that they are now closing their doors and have tons of debt. But my question is, since their lease had a personal guarentee, if the business claims bankruptcy (its an LLC)...1..would that get rid of the landlord being able to still come after them personally?...and 2..would it look bad on their credit record personally?
Hi, this question is more for my parents rather than for me. My parents own a bookstore in Florida that is going under. The landlord where they rented was not a good landlord at all, but I'll try not to get into that too much unless needed because it's a really long story. Anyway, they were in the middle of their 3rd year ( they signed a 5 year lease) of their business and were having a difficult time with cash flow since Florida is being hit really hard by the economic thing and by the mortgage crisis. So they did manage to get their landlord to agree to allow them to pay only half of their rent until their cash flow started back up again. Anyway, this past month, just a few days ago, they called and told him that even if they emptied the business bank account along with their personal bank account, then they wouldn't be able to pay him all of the half of the rent. Well, then he came back and told them that they have 3 days to get their stuff out or he would change the locks and seize all their stuff. This guy is an absolute idiot becasue they were one of only 3 businesses in his 6 bay building and were actually trying to get him his money. So now he is probably going to place a judgement on their house, which state of Florida makes it so he doesn't get the money until they sell it....well they bought it to retire in so they aren't planning on selling it anytime soon. So now he's not going to get any money until they sell it and he can't even get businesses in his open bays. So anyway, all this to explain that they are now closing their doors and have tons of debt. But my question is, since their lease had a personal guarentee, if the business claims bankruptcy (its an LLC)...1..would that get rid of the landlord being able to still come after them personally?...and 2..would it look bad on their credit record personally?
