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.
Illinois Landlord Bankruptcy Clause
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Additional Property Exemptions Necessary clothing. Title certificate for a boat over 12 feet in length. Bibles. School books. Family photos. Health aids. Proceeds from the sale of exempt property. Illinois College Savings Pool or ABLE accounts.
In a Chapter 13 case, you do not have to liquidate assets in order to pay your creditors; instead, you develop a plan to repay all or a portion of your debts over time, which allows you to keep most or all of your property.
Bankruptcy is a legal procedure that takes place in federal court. In bankruptcy liquidation cases (Chapter 7), all of the debtor's non-exempt assets are sold and their creditor's claims are reviewed for payment. Most claims that aren't paid through liquidation are discharged.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.
Wages Exemption: You may exempt the following amount of your wages: 85% of your gross earnings; or 45 times the federal minimum hourly wage per week (whichever is greater). Wildcard Illinois Exemptions: This will protect up to $4000 ($8000 in a joint case) of any type of personal property.
Preventing Liquidation Of Your House If you own your house outright or have substantial equity (more than $15,000 for an individual filer or $30,000 for a married couple), you risk liquidation of your home if you file Chapter 7.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.