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6/10/2010 11:34:39 AM
It is virtually impossible to answer your question without knowing more specifics. You should consult with an attorney. However, generally speaking, if you sold the business on a owner-carry basis, the buyer's bankruptcy discharges the debt. As such, you have no way of getting paid.
You could, however, speak with the buyer or the landlord and perhaps make an arrangement to take over. However, the landlord will probably want back rent.
As for whether you are liable for the unpaid rent, it depends. If you are still on the lease and just assigned it over the the buyer, chances are you are still liable even though the buyer filed for bankruptcy. His bankruptcy protects him and not you. If a new lease was signed by the buyer, you don't have to worry.
For more questions, please contact (213) 637-1333.
You could, however, speak with the buyer or the landlord and perhaps make an arrangement to take over. However, the landlord will probably want back rent.
As for whether you are liable for the unpaid rent, it depends. If you are still on the lease and just assigned it over the the buyer, chances are you are still liable even though the buyer filed for bankruptcy. His bankruptcy protects him and not you. If a new lease was signed by the buyer, you don't have to worry.
For more questions, please contact (213) 637-1333.
