{"id":291,"date":"2010-08-14T15:26:51","date_gmt":"2010-08-14T20:26:51","guid":{"rendered":"https:\/\/kevinkgipson.com\/?p=291"},"modified":"2013-09-28T14:41:14","modified_gmt":"2013-09-28T19:41:14","slug":"what-happens-to-my-lease-when-i-file-a-chapter-7-bankruptcy","status":"publish","type":"post","link":"https:\/\/kevinkgipson.com\/?p=291","title":{"rendered":"What Happens To My Lease When I File A Chapter 7 Bankruptcy?"},"content":{"rendered":"<p><a href=\"https:\/\/kevinkgipson.com\/wp-content\/uploads\/2010\/08\/Lease.bmp\"><img decoding=\"async\" class=\"alignleft size-full wp-image-294\" title=\"Lease\" src=\"https:\/\/kevinkgipson.com\/wp-content\/uploads\/2010\/08\/Lease.bmp\" alt=\"\" \/><\/a>When you file a Chapter 7 bankruptcy you have two basic options:\u00a0 You can\u00a0assume the lease or you can reject the lease.<\/p>\n<p>\u00a0If you\u00a0decide to assume the lease, then you \u00a0will still\u00a0be responsible for honoring\u00a0the terms of the lease.<\/p>\n<p>When you reject a lease you are stating that you no longer want to honor the\u00a0lease terms, and you will have to surrender use of the leased property.<\/p>\n<p>In addition, by\u00a0rejecting a lease agreement in a bankruptcy,\u00a0you receive a\u00a0discharge\u00a0from any\u00a0further obligations\u00a0under the lease agreement.<\/p>\n<p>You can only assume or reject an unexpired lease, and when you assume a lease you are responsible for curing any defaults in your obligations under the lease.\u00a0 This means that any money you owed on the lease will need to be paid.<\/p>\n<p>Remember:\u00a0 A bankruptcy is an opportunity to get a fresh start.\u00a0 You should carefully consider whether to assume a lease where you are behind on your monthly payments.<\/p>\n<p>If you assume the lease and can&#8217;t catch up on the monthly payments after your debts are discharged in a bankruptcy, you will once again run the risk of being sued by the lessor to force you to honor the lease.<\/p>\n<p>\nby <a href=\"http:\/\/www.bankruptcylawnetwork.com\/kevin-gipson-new-orleans-bankruptcy-attorney\/\" rel=\"author\">Kevin Gipson<\/a>, New Orleans, Louisiana bankruptcy lawyer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you file a Chapter 7 bankruptcy you have two basic options:\u00a0 You can\u00a0assume the lease or you can reject the lease. \u00a0If you\u00a0decide to assume the lease, then you \u00a0will still\u00a0be responsible for honoring\u00a0the terms of the lease. When &hellip; <a href=\"https:\/\/kevinkgipson.com\/?p=291\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[107,181,46,67,106,64,65,108],"class_list":["post-291","post","type-post","status-publish","format-standard","hentry","category-bankrputcy","tag-assume","tag-bankrputcy","tag-chapter-7","tag-kevin-gipson","tag-lease","tag-new-orleans-bankruptcy-attorney","tag-new-orleans-bankruptcy-lawyer","tag-reject"],"_links":{"self":[{"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/posts\/291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=291"}],"version-history":[{"count":8,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/posts\/291\/revisions"}],"predecessor-version":[{"id":484,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=\/wp\/v2\/posts\/291\/revisions\/484"}],"wp:attachment":[{"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kevinkgipson.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}