How can I get out of or negotiate a lease for a point of sale system that I no longer can afford because my pizza shop is now closed?

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How can I get out of or negotiate a lease for a point of sale system that I no longer can afford because my pizza shop is now closed?

I want to avoid backruptcy after my pizza shop closed. My partners went backrupt but all I had in my name was a POS system. I have been paying half of the payment and a friend who is subleasing it from me has been paying the other half. Now his shop is going to close and he cannot afford to pay it anymore nor can I.

Asked on March 25, 2009 under Bankruptcy Law, Ohio

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Unfortunately, if you signed a contract and the contract is not up yet, then you may be out of luck.  Contact them.  Also, check your contract -- does it give you an out if your business closes?


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