Q: Have unmortgaged commercial building. I have to close the business. Am I responsible for it if I abandon it legally
Building is paid off, business is losing money so I have to close. Do not have funds to pay taxes. Trying to sell but to no avail. Can try to auction it off but do not believe it is "attractive" enough to sell. When it goes to township for sheriff sale, am I going to still be liable or do they become the responsible party and I just lose the building...sad but I am worrying about it though it hasn't happened yet, it will. I can find no info on what happens if I abandon the property...
A: Hard to believe building has no value. You can abandon it but you still could have some personal liability for some things, like environmental contamination.
A: It depends on Whose name the property is in. If it is in your name personally then you will still be liable because the bankruptcy is for the business. If the property is in the name of the business solely then you may be able to abandon the property the trustee will probably try to sell it and pay off the taxes and make a commission. You should definitely consult with a bankruptcy attorney in New Jersey.
A: You will need to file a Chapter 7 Bankruptcy to eliminate any personal liability.
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