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.
Maine Landlord Bankruptcy Clause
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Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property.
The automatic stay is an order that goes into place when you file for bankruptcy and stops most collection efforts. But the stay isn't absolute, and a creditor can ask the bankruptcy court to lift the automatic stay and allow collection efforts to resume. If successful, the creditor can continue pursuing its debt.
An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.
If your case gets dismissed, your debts won't be discharged and the automatic stay goes away. This means debt collection activities can resume. After getting a case dismissed, you can still make use of the bankruptcy process if the dismissal was the result of an honest or reasonable mistake.
Under Bankruptcy Code section 362(a), the "automatic stay" applies at the moment a bankruptcy petition is filed.
How Much Is the Homestead Exemption in a Maine Bankruptcy? Maine Homestead ExemptionHomestead exemption amount$80,000; $160,000 for a debtor with minor dependents, or people 60 years and older, or those with a disabilityCan spouses who file a joint bankruptcy double the exemption?Check with a local attorney.2 more rows
A borrower's pre-bankruptcy waiver of the automatic stay is more likely to be enforced if contained in a forbearance agreement or an agreement approved by the court in a previous bankruptcy case.
Background. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.