Hello,
I opened a small business about 3 months ago. Business is really slow and I am getting worried that if business doesn't pick up I will not be able to pay my debts. I have about 30K in credit debt that are business related, however the credit cards are personal. I have signed a five year lease for a piece of equipment for my business. It's a five year lease for the amount of 16K. My question is if I close the business in 6 months and I file for Chapter 7, what happends to the lease contract? I also have a 3 year lease with a credit processing company. I pay $625/mo for the leased equipment, and about $60/mo for processing credit cards not including the per transaction fees.
I think this a great forum and I thank all you who have taken the time to respond to these posts.
I opened a small business about 3 months ago. Business is really slow and I am getting worried that if business doesn't pick up I will not be able to pay my debts. I have about 30K in credit debt that are business related, however the credit cards are personal. I have signed a five year lease for a piece of equipment for my business. It's a five year lease for the amount of 16K. My question is if I close the business in 6 months and I file for Chapter 7, what happends to the lease contract? I also have a 3 year lease with a credit processing company. I pay $625/mo for the leased equipment, and about $60/mo for processing credit cards not including the per transaction fees.
I think this a great forum and I thank all you who have taken the time to respond to these posts.