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HWhat recourse do I have for $$$ collection on a retail tenant that is not paying rent?
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She currently is behind about $12,000 and will owe about another $10,000 before the lease expires. She recently informed us that she is planning on filing for bankruptcy.
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6 Comments
March 29th, 2010 at 11:42 pm
get legal info, go change locks tonite .
u can often take assests to cover back rent.
get lawyer verse in tenant law in ur state
March 31st, 2010 at 4:49 pm
Go to a lawyer and start the process of eviction. She is in violation of her lease agreement. You may not be able to recoup the loss of monies but if you can get her out of the space then you can rent it to someone else who will pay their rent.
April 2nd, 2010 at 8:43 pm
first evict, on the amount owed if she names you in the bankruptcy then you may have a hard time collecting, need to talk to a lawyer to see what your options are
April 4th, 2010 at 10:51 am
Begin the process of eviction, and place a lien on her property.
The actions will be halted by the bankrupcy, but they will put you in a better position as a creditor,
April 6th, 2010 at 10:48 pm
Get lawyer. Commercial law is much quicker on locking tenants out than residentiial. You may be able to lock her out today.
April 9th, 2010 at 12:09 pm
Get a lawyer and tart the eviction process immediately. Once she begins the bankruptcy proceedings you will have to wait before you can evict her. Best to get it done now to get a paying tenant into the property.
Commercial Tenant law is much different then Residential Tenant law, while many residential tenants have a great amount of rights, the courts do not provide those rights to businesses. The basic feeling is that if you are smart enough to start a business you should be smart enough to understand negotiation and contracts to make sure you get a good lease. Once you talk to the lawyer, check to see if lock out and equipment/inventory seizure is allowed in your state for commercial tenants. If it is, lock her out and take control of the assets. It will at least help you recoup some of the monies owed because with her going into bankruptcy you don’t stand a good chance of ever seeing any of the lost revenue.
Good luck!