Bankruptcy and Paying Rent
Filing for bankruptcy helps you get rid of some of your debt burden and has several implications for your lease and rent payment. You may only have to pay a portion of your rent if you decide to move out. You need to pay all of your rent, however, to remain in your rented property.
Automatic Stay
Once you file for bankruptcy, the court grants you an immediate automatic stay, which prohibits your creditors, including your landlord, from collecting any late payment or repossessing your assets. During the period of the stay, your landlord has the right to try to get the stay lifted, but the court only grants relief if your landlord can prove that allowing the stay to remain will cause irreversible harm. If you have any guarantor who signs your lease, your landlord may collect back rent from him.
Pre-petition Rent
Any rent payment that was due before your bankruptcy filing date is known as pre-petition rent. After you file for bankruptcy, pre-petition rent becomes an unsecured claim. This means that if the court orders you to pay your creditors, pre-petition rent will be one of the last debts you pay. You usually have to pay either a portion of pre-petition rent or none of it at all.
Post-petition Rent
You can continue to stay in your rented property after you file for bankruptcy, but any rent that falls due after your filing date becomes post-petition claim or administrative claim. You have to pay post-petition rent before you pay any other debt. As such, as long as you have any money, you have to pay your post-petition rent in full. If you can't pay the entire amount, your landlord and other administrative claimants take their share of the amount of money you have.
Lease
After bankruptcy, the court gives you a specified period of time during which you can decide whether to assume or reject your lease. If you assume the lease, you effectively allow the old lease to continue. To assume the lease, you have to pay both the pre-petition and post-petition rent and provide proof that you can pay all future rents. If you reject the lease, you have to move out and your landlord may collect a portion of your remaining lease.
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