Navigating Chapter 7 bankruptcy for renters in Oswego, NY, can feel very overwhelming. You may not know what your options are and what will happen to your apartment if you choose to file for bankruptcy.
At Grady BK, PLLC, our goal is to provide our clients with straightforward and empathetic legal representation as they move forward with their bankruptcy case. We understand that bankruptcy can be very intimidating, which is why we provide transparent guidance to equip you with the confidence you need. In this article, we will be discussing Chapter 7 bankruptcy for renters in Oswego, NY, and whether or not you can keep your lease during bankruptcy proceedings.
Do You Lose Your Apartment If You File Chapter 7?
Bankruptcy when you have an apartment lease in New York is going to look a little different. Although Chapter 7 bankruptcy can feel intimidating, it actually comes with many options that can allow you to continue to live in the same place.
You typically have two options when you file for Chapter 7 as a renter in Oswego: assume your lease or reject it. When you assume the lease agreement, you are agreeing to honor the terms of this lease, such as continuing to pay rent to live there.
Assuming also means that you agree to address any past due rent. The downside to this is that you will usually be required to do this quite quickly and usually in a lump sum. This is often used to showcase that you have the ability to catch up on past due rent as well as maintain your monthly rental duties.
If you do not wish to remain in your apartment or catch up on past due rent, you can reject the lease. By doing this, you are essentially ending your rental obligations by rejecting the lease agreement. You will then need to move out, and any past due rent will usually be discharged (wiped away).
Can a Landlord Evict You During Bankruptcy?
Landlord and tenant Chapter 7 bankruptcy cases can come with some unique challenges. However, the good news is that when you file for bankruptcy, an automatic stay will take effect, which protects you from all collection efforts for the duration of your bankruptcy case. Because of this, the automatic stay will protect you from being evicted when your landlord discovers that you have filed for bankruptcy.
But there are some exceptions to this since timing plays a role in whether or not the automatic stay applies to your situation. For example, if your landlord has already started the eviction process and gotten an eviction judgment, you may not be protected. If you have filed for bankruptcy before your landlord receives a judgment, the automatic stay may be able to protect you from eviction temporarily, depending on the circumstances.
If you are facing eviction, you should get the help of a bankruptcy lawyer in Oswego, NY. They will be up-to-date with bankruptcy laws and can help you decide on the best course of action.
Tips for Renters Filing Bankruptcy in Oswego
If you have decided to move forward with filing for Chapter 7 bankruptcy, there are certain things you can do ahead of time. Especially for those in Oswego who rent apartments, being proactive can significantly improve the outcome of your bankruptcy case.
Here are some tips and tricks you can use to better prepare for when you file for bankruptcy:
- Stay current: Before you move forward with filing for bankruptcy, it is a good idea to stay current with your rental payments. Doing so will make your bankruptcy case much less complex and will improve your relationship with your landlord.
- Save up: If you owe back rent and wish to assume your lease agreement, you should plan ahead by saving up as much money as you can. This is often necessary, as assuming a lease agreement with past due rent often requires you to pay all of this back in a lump sum.
- Use exemptions: In New York, there are several different types of exemptions provided for people who are filing for bankruptcy. These exemptions can help you hang onto money or assets, which may be able to help you maintain your lease agreement.
It also goes without saying that you should seek legal representation before you file for bankruptcy. Even a simple bankruptcy case can come with challenges, and you don’t want to try to handle this on your own.
FAQ:
Can I include back rent in my Chapter 7 filing?
Yes, unpaid rent is categorized as an unsecured debt in bankruptcy, making it dischargeable when you file. But you would have to already have moved out before you file the bankruptcy.
Oswego’s Top Compassionate Bankruptcy Attorney
Chapter 7 bankruptcy for renters in Oswego, NY, can feel very overwhelming if you do not know what your options are and how this will impact your life. At Grady BK, PLLC, we are here to help as our clients navigate tenant eviction bankruptcy, helping you to move forward with confidence and peace of mind. We will work with you one-on-one, making sure we take into account every unique detail of your situation.
At Grady BK, PLLC, we can help you move forward with filing for Chapter 7 bankruptcy as well as prepare for what will come next. We will be available every step of the way in case you have any questions or concerns.
Contact us today at 315-299-9005 to discuss your financial situation with a bankruptcy lawyer in Oswego, NY. Our team at Grady BK, PLLC, is here to assist you with all of your Chapter 7 bankruptcy needs.
