I own a small business and signed a 5 year contract. Business is not doing good, infact all my savings are gone, I was not able to finish my contract and will file for bankruptcy because I can not afford to pay my debts and mortgage. My landlord is suing for fornot continuing my contract, but what can I do, I really don't have money to pay, but I still have 1 month security deposit to him. I jst abandoned the place. I also signed a personal guarantee, but I do not have any asset and unemployed because I close the business. Can this go away after I file bankruptcy?
Answered on: 5/06/09, 8:22 pm by Daniel Press
Re: rental agreement
Yes, bankruptcy will disacharge your personal guaranty liability on the lease. You should consult with your bankruptcy lawyer about how best to address the issues you raised in light of your specific circumstances. If you do not have a lawyer, feel free to contact me.
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