By Christopher J. Hanlon, Esq. an experienced attorney for Landlords. Commercial Landlords: Four Important Questions to Ask When a Tenant Files for Bankruptcy With the downturn in the residential and commercial real estate market, a number of commercial tenants are experiencing financial difficulties. In turn, this can lead to problems for commercial landlords, most importantly, the tenant staying current with lease payments. This may then lead to the tenant filing for bankruptcy protection. If your commercial tenant files for bankruptcy, it is wise to have a strategy in place to not only minimize the time of non-payment, but also maximize the ability to receive rents and damages allowed under the Bankruptcy Code. Following are four (4) questions for a commercial …
Study: Bankruptcies soar for senior citizens
First came the health problems. Then, unable to work, Ada Noda watched the bills pile up. And then, suffocating in debt, the 80-year-old did something she never thought she’d be forced to do. She declared bankruptcy. While the bankruptcy filing rate for those under 55 has fallen, it has soared for older Americans, according to a new analysis from the Consumer Bankruptcy Project, which examined a sampling of noncommercial bankruptcies filed between 1991 and 2007. The older the age group, the worse it got – people 65 and up became more than twice as likely to file during that period, and the filing rate for those 75 and older more than quadrupled. “Older Americans are hit by a one-two punch …
Commercial Landlords: Four Important Questions to Ask When a Tenant Files for Bankruptcy
With the recent downturn in the market, a number of commercial tenants are experiencing financial difficulties. In turn, this can lead to problems for commercial landlords, most importantly, the tenant staying current with lease payments. This may then lead to the tenant filing for bankruptcy protection. If your commercial tenant files for bankruptcy, it is wise to have a strategy in place to not only minimize the time of non-payment, but also maximize the ability to receive rents and damages allowed under the Bankruptcy Code. Following are four (4) questions for commercial landlords to review with an attorney whenever a commercial tenant files for bankruptcy protection: 1. Have You Filed a Proof of Claim(s)? As soon as the tenant/debtor files …