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How much time do you have when an owner files bankruptcy on the property you rent?
Wiki User
∙ 14y ago
If a landlord files for bankruptcy, the answer depends on whether it is a Chapter 13 or a Chapter 7 (or possibly a Chapter 11, which would be the same as a 13 for this purpose).
In a C, 13, the landlord would be entitled to continue to collect rent and be responsible for maintaining the property and keeping everything up to code, as well as paying whatever expenses related to the property that are the owner's responsibility.
In a C. 7, the mortgage holder should notify you of the foreclosure and either ask for rents or payments in lieu of rent to be sent to it or its agent. If you get no such notice, and the landlord has your correct address, you should hold the rent payments in escrow, and at some point you may be able to use the money to move. You should consult a local attorney to be sure you follow the rules for your state.
Wiki User
∙ 14y ago
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Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
Do you have to pay property tax if you rent a house?
Not directly. The owner of the property is responsible for paying the property taxes. However, you should understand that how much rent you pay is determined, in part, by how much property tax the owner pays. In other words, the owner needs to charge enough rent to cover his costs (taxes, maintenance, insurance, mortgage payments, etc.). Otherwise, he is losing money on the property.
What is a tenant esstoppel certificate?
This is a certificate given from a property owner to the new property owner, which details all aspects of the tenant occupancy of the property, such as how many tenants, their information, how much they're paying in rent, etc.
How much equality was evident in the colonies?
Any Free, white male, property owner was as equal as the next free,white male, property owner. Not free, Slave or indentured servant= no rights. Not male= no rights No property= no rights.
If one files for bankruptcy or defaults on a debt because of credit card debt can the credit card issuer go after the card holder's social security?
No. All SSI, SS, SSD, etc are exempted from garnishment/levy by creditors. As is much of a consumer's property, personal and real. Consult the laws of the residency state, to find out what property is exempt from creditor attachment.
When a company files for bankruptcy do they pay other companies that sre owed money?
Yes, they are required to pay back their debts, but sometimes its not as much as the original amount.
If a home is paid off and a guardian is named on the deed are they the owner?
A court appointed guardian is not the owner of the property. They hold title for the ward much the same as a trustee. Any income or proceeds from the sale of the property belong to the ward.
How much does a Quiznos owner earn?
Nothing. He may even face bankruptcy. This is what is happening to my brother in law who took out a Quiznos franchise in the UK.
How do you use an exemption in a bankruptcy?
Each State determines how much property a person who files bankruptcy in that State may keep. So, if the person filing bankruptcy has more property than the State says they can keep, the property over and above the maximum may be sold by the bankruptcy court and the money is given to creditors. This is for the sake of fairness: It is unfair to the credit card companies for someone to file bankruptcy with $10,000 in cash in the bank and get rid of $10,000 of credit cards when they could have just paid the cards off. Or, it is unfair for someone to get to keep a $30,000 RV and get rid of $10,000 in credit cards when they could have sold the RV and paid the credit cards off. So, generally you list all real estate you own on Schedule A of your bankruptcy petition, and you list all personal property you own on Schedule B of your petition. Then, on Schedule C you re-list those pieces of property and list the State exemption (or Federal exemption if applicable) which protects each piece of property. If a piece of property is not exempted on Schedule C, it may sold by the bankruptcy court in Chapter 7, or used to increase the amount of money that has to be paid into a Chapter 13 Plan. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Who is responsible for the damages in case of accidental fire that start in one property but damages the neighbor?
The one that they determined caused the fire will be #1. The property one owner if not involved is as much a victim as property two owner. The liability will fall on the one who is responsable for letting the fire get away and if none is determined each owner has a accidental fire claim to file with thier respected agencies for the damage to their own property and nothing more. Good Luck.
How much is a reckless driving ticket in Michigan i got a ticket for doin donuts in a parking lot..what will this cost me?
A parking lot is private property. Did the owner of the property file for charges?
