Legal Question in Business Law in Georgia
lease equipment
My mom signed for lease equipment for my business. We are now in default 4 months because our business failed. Well they want the equipment back, software and most of it I don't have sold some to friends for money to keep business going, what can i do
1 Answer from Attorneys
Re: lease equipment
Unfortunately, this is the sort of problem that is highly dependent on the circumstances and the documents. It is unclear from your question as to whether your mother signed the lease in a personal capacity or if either of you guaranteed it. If the answer to either is yes, then there could well be some personal liability. Moreover, depending on whether the leasing company make appropriate filings, they may be able to demand return of the equipment from your friends.
As to your question " what can I do," you need to engage an attorney who specializes in debtor/creditor law and let that attorney review the facts and agreements and then advise you.
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