by no_debt » Tue Oct 13, 2009 07:59:10 AM
To all Pros out there,
I signed indemnity agreement with landlord for 5 years garanteeing personally commercial lease. Now after one year I'm considering to break that lease as business is not profitable and eating up my personal savings as well.
The landlord rent for 4 remaining years will be about $230K.
Since I bound by indemnity agreement landlord has right to recover those money.
I don't have that money to pay to landlord nor I have much assets that landlord can take. My house has little if nothing equity, no expencive car, jewllery...
My husband also signed the indemnity and he has full time job.
I assume that landlord will go after remaining rent. What would be the best option to deal with landlord here. Debt Settlement or Bankruptcy.
Thanks