If I bought a business 7 years ago and have been making monthly payments, can the original owner repossess the business if I pay less per month?

I have paid more than half of the cost of the business back in monthly payments. The business is struggling and I need to lower the payments. There is not a written agreement on how much to pay per month.

Asked on June 27, 2014 under Business Law, New Jersey

Answers:

Shawn Jackson / The Jackson Law Firm, P.C.

Answered 6 years ago | Contributor

Well, depending upon which state you live in, the chances of a simple repossession are unlikely. The first thing you will want to do is to request that this matter be submitted to mediation to see if both of you, along with a mediator, can reach a new agreement on the monthly amounts. There are many law offices throughout the US that offer mediation. The second thing you want to do is to work with a business development attorney to increase the revenue of your business at the same time developing strategies on how to protect your business.

Shawn Jackson California Business Development Attorney


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.