Legal Question in Credit and Debt Law in Pennsylvania
Default of money owed on sale of business
Having sold my business I have rec'd 1/3 of the money owed and an unlimited number of lies. Last check for $5k bounced and individuals account is lacking sufficient funds for that payment and others since due. What are my options?
2 Answers from Attorneys
Re: Default of money owed on sale of business
When a person gives you a check that bounces, under Pennsylvania Law you can file criminal charges if you privide ten days notice to the person who drafted the check to honor it. A second option is to sue for the balance due. Hopefully you have a written agreement. The best option is to make an appointment with an attorney to review the entire matter. Doing nothing is the worst option.
Re: Default of money owed on sale of business
Well, there's always a lawsuit. Do you know whether the individual or company you sold your business to has tangible assets that would make obtaining a judgment worthwhile? In the meantime, have you retained any assets of your business (e.g., equipment or client lists) that you could hold onto for leverage?
This is general information for discussion purposes. We would need to have an attorney-client relationship for me to give legal advice.
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