Is There Any Way To Protect My Assets If I Break An Apartment Lease?
I want to start up a business in another state, but my apartment lease has me stuck. Could I move my cash into a business account and keep it safe from creditors?
Tags: Apartment, Assets, Break, Lease, Protect, There
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on Sunday, September 27th, 2009 at 10:51 am and is filed under Break A Lease, Q & A.
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I do not believe so. If you break the lease you have to turn over the apartment and also still pay what is due until the end of the lease is up. The other choice is the development will simply take you to court and file a judgment which will harm your credit and disable you from getting another place to stay. I would say wait it out and then do your business. Unless of course you can break your lease with proper notice. In the lease it should state that in the event you get a new job out of state you can terminate w/o any damages.
Under your plan, the creditors could seize the business, so that is a bad plan. Also, if you move it for the purpose of keeping it from creditors, that is “fraudulent conveyance” (legal term; look it up).
Using the money the buy a home in Florida and make it your primary residence may work.