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Re: [preia] Bankrupt tenant?

From: Shawn L.
Sent on: Wednesday, March 20, 2013 8:40 PM
you should call their bankruptcy trustee and find out what the tenant wants to do. usually they will arrange as part of their bankruptcy, arrangements as far as living conditions, they're allowed to keep transportation for work, and have a budget for living expenses. so if they want to stay that can be arranged as part of the bankruptcy. the best thing is to call their trustee - he represents the creditors (your) interest.
 
also chapter 13 is restructuring not liquidation so its usually to arrange lower interest repayments, extend the term of debt, make it affordable, instead of wiping away debt. they will usually repay a large portion of what they owe. chapter 7 is wiping the slate clean all at once.

On Wed, Mar 20, 2013 at 8:29 PM, Allen Ward <[address removed]> wrote:
This afternoon I received a legal notice stating that one of my tenants has filed for chapter 13 Bankruptcy.  The tenant is current on their rent.  Do I need worry about future rents?  Their lease is month to month - do I need to ask them to leave?  Or should I take some other action?

Thanks
Allen

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