Rental Tenants

[downwardspiral]

When we file Ch 7 we will include our condo, which currently has renters. Their lease will expire on August 1st.

Once I file does the bank take away the property immediately? Will my tenants have time to finish out their lease?

[HHM]

Odds are, they can stay until the end of the lease. I doubt foreclosure will move fast enough. Also, they can technically stay until someone actually evicts them.

A side question, do you still have their security deposit. You need to list that as an asset in your BK (in fact, I think there is a special section to do so, something about holding money in trust...but I would have to break out the forms to be more precise).

[downwardspiral]

Yes, I am holding their security deposit. I'll make sure to mention it to my attorney.