URGENT HELP! I need timing information PLEASE!

[backontrackOH]

What a time this has been! We are ready to file. My attorney is just waiting for a call to set up an appointment to sign the paperwork. I have a couple of adjustments for him to make, but we are for the most part ready.

We found a place to rent! We were completely up front about our situation with the owner and, in the beginning at least, he was OK with everything. I just got off the phone with him and he is worried about how the bankruptcy will affect him. Can someone explain this to me? If we sign the lease before we sign the BK paperwork, does it matter? Which paperwork should we sign first, BK or house lease? How does renting to a family in bankruptcy effect a lease agreement for the property owner? I want to assure him we would be fully liable for the lease. Would the bankruptcy give us an "easy out" of the lease if we needed it?


I want to make darn sure we get this house! I want the landlord to feel comfortable renting to us. What is the best scenario (that we can control) for us to present to him for this to happen? PLEASE HELP ASAP! Your generous guidance is greatly appreciated!

[SinkingFast]

Sign the Lease first and then file.

But you'll probably have to explain about filing BK that you won't file against your new Landlord.

There's a form,......... Schedule G,........ Where you list Executory Contracts and Unexpired Leases. You'd list your Landlord's name and address there along with the date of the Lease and the term of the Lease.

You or your attny will list your Landlord and the Landlord's address under "Names and Addresses of Parties to the Lease or Contract". Then under "Description of the Lease or Contract" you'll say something like "1 year Lease dated 7/1/2007 (or whatever date), Debtors are Tenants".

Poof! Your Landlord is covered in your BK.

If you want to show your Landlord a copy of the Form, you can print out a copy of Schedule G:

http://www.usdoj.gov/ust/eo/bapcpa/defs/index.htm

Look down the list. You want "Official Form B6G".

[rrockinggramma]

I was in the same situation. I had to have my attorney write a letter to the landlord stating that I was not able to include any unpaid rents in my BK. So you might offer that up to him as assurance that he won't get left holding the bag. (post petition rents)

Good Luck!

[backontrackOH]

Poof! Your Landlord is covered in your BK.

SinkingFast,

Could you please expand on your quote above. I think the property owner would rather not be a part of the bankruptcy, if that is what you mean. I am sure he is just worried about us keeping our part of the contract and the bankruptcy giving us an easy out. Thanks again for your reply.

[SinkingFast]

SinkingFast,

Could you please expand on your quote above. I think the property owner would rather not be a part of the bankruptcy, if that is what you mean. I am sure he is just worried about us keeping our part of the contract and the bankruptcy giving us an easy out. Thanks again for your reply.

That's what Schedule G is for. Executory Contracts and Unexpired Leases. Your Landlord's name gets listed because they are a Party to an Unexpired Lease.

If this were a Creditor you were looking to Discharge, you'd list the Landlord's name on your Creditor's Matrix.

In the case of an Unexpired Lease, no action is taken by the BK Court against a party to the Lease.

Our Landlord didn't even receive notice of our BK filing. It's just a technicality to be covered by the BK Court. You have this financial responsibility you intend to fulfill your end of the bargain. That's what Schedule G is for.