Legal Question in Business Law in New Jersey

Re: Sold Business - new owner not paying

You should first review the contract, preferrably with the lawyer who drew it. It is very possible that there are protections in the contract for non-payment such as a retained security interest over the assets or a right of rescission. Regardless, it seems as if you will have to sue if neither you nor your lawyer can coax further payments.

See also: http://info.corbettlaw.net/lawguru.htm

Re: Sold Business - new owner not paying

You have already tried 'nice and reasonable'. Now you need a lawyer to sue and get a court judgment, and then force payment of the money owed. You may also want to take back the business.

If you are lucky, he will get back on track and pay you after you have a lawyer start going after him.

It might get complicated quickly, and you want to have your best chance to collect as much as possible as soon as possible.

You are likely to be more successful with an attorney representing you.

Please call me if you would like me to assist you. I am in Hackensack, right across from the Bergen County Courthouse.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru. This website, LawGuru, will NOT let me list my phone number in this response.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The response that you have received is based only on the small amount of information which you have provided. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: Sold Business - new owner not paying

Did you file a UCC statement to perfect your interest in the business assets in case the buyer defaulted on the payments?