I am getting ready to file for ch.7. Would prepaid rent be considered an exempt asset?
Question Details: I have to move and have had a very hard time finding a landlord that will give me a lease given my current financial condition. I have found one who will rent to me but wants 6mos. rent in advance. Would the prepaid amount be part of my "wild card" exemption?
Bankruptcy Law Answers
Could possibly be. It isn't about that it is pre-paid -- the court really cannot undo this contract -- it is the intent on contracts =-== i.e., I don't think your intent is to hide assets. Therefore, I don't think it will be an issue. Are you filing pro se or do you have a lawyer?
The automatic stay will usually preclude you from being evicted from your apartment, anyway. In other words, if you owe back rent, that is stayed. Even if discharged, you will still owe for new charges (after you file bankruptcy). So those rents you don't pay after you file will subject you to eviction. Thus, why the landlord is asking for 6 months up front =--- think of it as a favor.
Related Bankruptcy Questions
- How Much a Landlord Can Charge for a Security Deposit
- Do I have to employ asset protection for all types of assets?
- Will I have to give up my personal possessions if I file for bankruptcy?
- I got a divorce after my bankruptcy case was filed. How will bankruptcy affect my property settlemen...
- Can a Retirement Plan Protect Your Assets?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen207 Answers|Points 10350Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen207 Answers|Points 10350Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |