QUESTION
signed lease with two different companies for frozen yogurt equipment. Went out of business and now have equipment.
Asked on Mar 07th, 2016 on Business Litigation - California
More details to this question:
I have the equipment in storage and the lease companies have given me a buy out option, but I do not have any money. What do I do with the equipment and how do I reach an agreement as to how much I pay. The equipment broke down often, but was under warranty. Now I have the equipment, What do I do next to resolve this lease issue. I know I cannot sell the equipment, because it is not mine. I need guidance as what to do next?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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Unfortunately, you owe all of the lease payments until the end of the lease. Your options are (1) to negotiate a lesser payoff; or (2) to file for bankruptcy protection. Your negotiation with the lessor should include mentioning your option to file for bankruptcy protection. If you do nothing, then the lessor may be abel to get a judgment against you.
Answered on Mar 07th, 2016 at 8:57 AM