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What type of joint ownership protects a tenant from the others bankruptcy?
Wiki User
∙ 16y ago
None. The only protection is for the non-bankrupt owner to pay the secured-credit (mortgage, e.g.) arrears and the monthly payments going forward. Some state laws regarding tenancy by the entirety/entireties, available only to married couples, may make it more complicated, but both had to sign the mortgage, and agreed thereby to be each responsible for the full payment.
If we're talking about a mortgage or secured loan, the house or other asset can go into foreclosure/repossession if the bankruptcy abandons the secured asset.
Strictly speaking, bankruptcy should not affect the tenancy relationship in any other way. Any joint accounts become the sole responsibility of the non-bankrupt tenant. Any joint credit secured by the jointly-owned property may or may not be dischargeable in a Chapter 7, depending on what it is and if a cram-down is available, but will still be the responsibility of the non-bankrupt tenant
Wiki User
∙ 16y ago
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Can a tenant dreak a lease if tenant has bankruptcy?
No.
Can a lien be placed on a house from a bank debt from a tenant?
No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.
Can a tenant be evicted in Michigan if in bankruptcy?
Bankruptcy does not relieve a tenant from paying his rent: it's not a debt. Rent is due in advance of the rental period and is not an extension of credit. Oh, and a landlord cannot evict a tenant simply because he filed for bankruptcy.
Can a tenant sue a landlord who is in bankruptcy?
Normally the bankruptcy filing has nothing to do with whether or not the tenant has paid his rent. A landlord does not have the right to evict a tenant simply because the tenant filed chapter 7 unless that is part of the lease. The terms of the lease determine if the tenant will be evicted. If the tenant pays the rent, he should not be evicted.
What does happen if a landlord keep on taking rent even if the landlord had filed for bankruptcy himself?
The landlord's bankruptcy has nothing to do with the tenant. The tenant still owes the rent.
If owner files bankruptcy does tenant have to move?
Of course not.
How can i explain to the courts if I'm filing bankrupt and my tenant is no longer paying me rent?
Your bankruptcy has noting to do with your tenant. If you were not filing, he would still owe you the rent.
Can you specify in a will that property held as joint tenant with right of survivorship is bequeathed to a beneficiary in Vermont?
The answer is no. Property owned with another person as joint tenants with the right of survivorship passes automatically to the co-owner when you die. You cannot bequeath your interest in that property in your will. It does not become part of your estate.
Does a month to month lease protect a landlord from tenant bankruptcy in California?
Bankruptcies don't cover issues regarding rent. The renting of property, especially residential, is not an extension of credit-- it's the right to live on the property. A tenant filing bankruptcy still has to pay rent.
Can you terminate a commercial lease by filing bankruptcy?
Yes and no. A TENANT can terminate a commercial lease by filing bankruptcy. Under Section 365(b) of the Bankruptcy Code, a tenant has 120 days from filing a bankruptcy petition to either assume or reject the lease. This can be extended once by 90 days, with court permission. Unless the tenant files a timely motion with the bankruptcy Court to assume the lease (and cures past defaults and provides "adequate assurances" of future performance), the lease will automatically be deemed rejected. If the lease is at an above-market rental, or otherwise disadvantageous to the tenant, the tenant should surrender possession and bring an earlier motion to reject the lease. If the lease is at a below market rental, the tenant should consider assuming the lease and assigning it through bankruptcy. Under Bankruptcy Code Section 502(B)(6), the tenant will still be liable to the landlord for damages for early termination of the lease, but these damages are subject to a "cap" equal to 15% of the value of the unexpired lease term - not to exceed three (3) years rent. The landlord wil have an unsecured creditor's claim for these damages, and will share equally with all other unsecured creditors in the bankruptcy. If a tenant continues to occupy the premises after the bankruptcy filing, the landlord will have what is known as a priority "administrative" claim for the rental value during that period, and will be given preference over other general unsecured creditors to recover those amounts. A tenant's bankruptcy will not terminate liability under any personal guarantees given in connection wit the lease, unless the guarantor also files for bankruptcy. Depending on how the lease and the guaranty are structured, the guarantor may not be able to claim the benefit of the "cap" on damages. A LANDLORD may not unilaterally terminate a commercial lease by filing bankruptcy. Under Section 365(h) of the Bankruptcy Code, a tenant whose landlord has filed bankruptcy has the option to either treat the lease as terminated and vacate the space or to remain in possession (and continue paying the rent) for the balance of the lease term (including any extension options, if timely exercised by the tenant). There are many subtle nuances and exceptions to these basic rules and a party to a commercial lease should seek the advice of competent counsel before taking action to terminate that lease.
If you own property as tenants in common and one owner files for bankruptcy how does that affect the other owners?
HIS portion of ownership may well need to be transferred (bought out), during the BK to pay his creditors. That can normally happen by the other TC owners doing so (sometimes favorably), or to another party.
You have lived for 20 years on the same property with a significant other your name is on the deed to the property what rights to the property do you have?
If your name is on the deed as a grantee, then you have an ownership interest in the property. It may be tenant-in-common or joint tenant (with right of survivorship). In either case, you have an "undivided" co-ownership of the property.
