This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Nevada Landlord Bankruptcy Clause
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US-OL28042
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A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
If you file for chapter 7 bankruptcy in Nevada, state law permits you to keep certain property (?exemptions?) such as up to $605,000 of equity in your home, up to $15,000 of equity in your car, and up to $1 million in certain retirement plans.
If I'm being evicted, could filing for bankruptcy help? While filing for bankruptcy might temporarily delay eviction, it doesn't prevent an eviction in most cases. Landlords can restart the eviction process in as little as seven days after a bankruptcy filing.
If you still have a solid job or way to make money, but simply can't afford to fully pay what you owe, Chapter 13 is a good option to take. It lets you maintain more control over your finances and assets than you would with a Chapter 7 bankruptcy.
It's a Long Term Commitment ? Filing Chapter 13 bankruptcy requires you to make a long-term commitment to the process. Tough To Get Credit or a Mortgage for 7 Years ? Other impacts include the inability to get credit cards at a good rate, and filing Chapter 13 makes it tough to get a mortgage.
Under the Bankruptcy Code, the look back period is two years; however, the trustee may use state law if the allowed look back period is longer.
Chapter 13 permits the debtor to file a plan in which the debtor agrees to pay a certain percentage of future income to the Bankruptcy Court for payment to creditors. If the Court approves the plan, the debtor will be under the Court's protection while repaying such debts.
Background. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.