Legal Question in Credit and Debt Law in Illinois

Leasing of Office Equipment

We recently ceased business operations at a nursing facility where a 60 month lease had been in effect on a copy machine. The leasor is insisting on a $60,000+ payment since we are breaking the lease? Do we have any other options? The nursing facility itself (physical plant) is under a new operator, with a new name, and doesn't want to maintain the lease agreement.


Asked on 3/02/09, 11:05 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Leasing of Office Equipment

It would depend on the terms of the contract you signed with the leasing company. Bankruptcy of the obligated entity may be an option, but there may be personal guaranties involved, so you should consult an attorney and proceed with caution.

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Answered on 3/02/09, 3:04 pm


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