This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Nebraska Landlord Bankruptcy Clause
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FAQ
If a car's value is less than the exemption, you can keep it under Chapter 7 bankruptcy. If it is higher, the bankruptcy trustee may decide to sell the car to help pay your unsecured debt. You would keep the amount of the exemption, with the rest going towards debt.
The federal bankruptcy exemptions are listed in the federal bankruptcy law, called the Bankruptcy Code. The Bankruptcy Code allows every filer to protect one car with a value of up to $4,450. If a married couple files a joint bankruptcy case, they can protect two cars worth $4,450 each.
Homestead Exemption Nebraska lets you exempt up to $60,000 of the equity you have in your home. This amount is the same whether you file for bankruptcy along with your spouse or by yourself. If you sell your home, the first $60,000 in proceeds from the sale will be exempt for up to six months after the sale.
In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. ingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.
There is one possibility through Chapter 7 that could decrease what you owe on your car, and that is you may take advantage of your right to redeem your car. When you redeem your vehicle, you pay an amount equal to its replacement value. This is often much lower than the amount that remains on your loan.
In a Chapter 7 bankruptcy you wipe out your debts and get a ?Fresh Start?. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. (see Nebraska Exemptions) The trustee sells the assets and pays you, the debtor, any amount exempted.
Nebraska Bankruptcy Exemptions If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy.
Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Nebraska bankruptcy exemptions. Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation.