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Filing Bankruptcy - Share a rental lease w/ roommates

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    Filing Bankruptcy - Share a rental lease w/ roommates

    So I'm preparing to file bankruptcy pro-se (since I don't qualify for any pro-bono legal aid in my area and I don't have the $1,500 - $3,000 for an attorney.)

    On schedule G I have to list executory contracts/unexpired leases, which will include my one year lease agreement - I share this lease with 3 other roommates.

    1) Will my filing bankruptcy wipe out the lease for all of us?
    2) Even if I wish to assume the lease is it possible the trustee will reject it?
    3) Will this affect my roommate's credit?

    #2
    Originally posted by mrv1983 View Post
    1) Will my filing bankruptcy wipe out the lease for all of us?
    No. It would, if you selected "REJECT" for the lease, wipe out the lease for only you.

    Originally posted by mrv1983 View Post
    2) Even if I wish to assume the lease is it possible the trustee will reject it?
    No. In my experience, the lease issues are usually only where there is money to be made by the Trustee. For example, you personally lease a 100,000 square foot office building and sublet it to medical providers. You make $5,000 clear after all the bills are paid. The Trustee "could" be interested in that specific lease because it has value. An apartment lease simply never has any value (it's a cost)... except for in some extreme situations. In my experience, I had to deal with accepting or rejecting a lease in my personal bankruptcy. The Trustee wanted/had nothing to do with it in both my Chapter 7 and Chapter 13.

    Originally posted by mrv1983 View Post
    3) Will this affect my roommate's credit?
    Absolutely not.

    Seeing bankruptcy papers scares some landlords because they don't understand what is going on. In my personal experience, you can ASSUME the lease, but not put the landlord's information on the "mailing matrix" so that they are not notified. If you were going to REJECT the lease, then you would need to include the landlord on the mailing matrix so they are notified of your bankruptcy.



    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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