Legal Question in Credit and Debt Law in Connecticut
debt assumption
Hello,
I have a debt that I owe to my vendor in the amount of $6000. In turn, my client owes me $9000. My client has clients that owe them and haven't paid, some of which are going through bankruptcy. Can my client sign a document assuming the debt, acknowledging that it is his responsibility and may I then give this document to my vendor? My client has already agreed to do this. Will this hold up for my vendor? Is there a form like this? This has been going on for a year now.
Thank you!
1 Answer from Attorneys
Re: debt assumption
Yes, you can create a third party contract in which your client assumes the debt you owe to your vendor. However, your vendor must agree to it to have it be valid as to the vendor. You will still be responsible to the vendor, if the client doesn't pay, unless the vendor specifically agrees otherwise. I don't know of a specific form, but I'm sure if you look around on the internet you can find enough information to draft your own.
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