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Posts Tagged ‘Property and Assets’

If I have an apartment lease that is behind in payments, can I file for bankruptcy and move out of the apartment? Will I still owe what is behind?

November 14th, 2008

When you file for bankruptcy, you must assume or reject all of your leases or executory contracts. An apartment lease can be assumed if you are current in your payments and want to continue to pay on the lease. This would allow you to remain in the apartment for the remainder of the lease. If you desire to move out of the apartment, you can reject the lease at the time of filing for bankruptcy and the deficiency will be discharged after you file.

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What are some things that I should not do before I file a Chapter 13 or a Chapter 7?

November 12th, 2008

Filing for bankruptcy is a powerful thing, but to use the power behind the law, you must also remember that the creditors have certain rights also. For example, you cannot charge things on your credit cards right before you file and expect to discharge, or wipe these things out. You must also be aware that transferring any property before filing a bankruptcy can be examined by the Trustee that will be appointed to your case. Certain transfers are considered preferential and can definitely affect the success of your bankruptcy filing.

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I heard that if you file for bankruptcy, you will never be able to buy any kind of property again. Is this true?

November 1st, 2008

This statement is completely false. The Bankruptcy laws were designed to provide individuals with a fresh start, which includes the ability to buy and sell real estate. There are no laws that prohibit you from buying homes, cars, trucks or personal property.

While you are in a Chapter 13, you must obtain permission from the Bankruptcy Court to sell or purchase real estate.

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