Latest Posts
Home > Ask The Get Out of Debt Experts > 250k in Debt, from 1 Creditor. Desperately Seeking Advice

250k in Debt, from 1 Creditor. Desperately Seeking Advice

I had a 6 year business that failed. We had just moved to a new office two years ago that was a build out. The former landlord has sued me for the build out costs and the rest of the lease which amounts to $250k.

I did not know this that happened until recently. I am about to get married, and I am trying to protect a new contractor job I am supposed to start next year as well.

As this amount is the only debt I have from 1 creditor outside of student loans, I am trying to settle this debt myself. The collection agency has stated they will not settle- but do you think if I was to send them a letter with a offer to cover the rent until he got a new tenant up to 1 year of rent (it was a 5 year lease and we had only been there 2 years) I could have a chance? or would that open them up to trying to get the full amount..

Also-would you recommend to contact the old landlord or do I have to put the offer to the collection agency he is using?

I just hate to file bankruptcy over a lease vs actual credit debt etc…Please help I am DESPERATE to get a plan on this…

250k in Debt, from 1 Creditor. Desperately Seeking Advice by

Share This and Spread the Word

About Consumer

Consumer
This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.
  • Michael

    Have you contacted an attorney to discuss your options?
    When were you served on the lawsuit?
    What part of the 250k is associated with the build out costs?
    Are there many spaces for lease in the same building and/or nearby?

    You can contact the landlord directly instead of the collection attorney. I would be very careful not to provide financial details or anything about your willingness or ability to pay.

  • Michael

    Have you contacted an attorney to discuss your options?
    When were you served on the lawsuit?
    What part of the 250k is associated with the build out costs?
    Are there many spaces for lease in the same building and/or nearby?

    You can contact the landlord directly instead of the collection attorney. I would be very careful not to provide financial details or anything about your willingness or ability to pay.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.