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.
North Carolina Landlord Bankruptcy Clause
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US-OL28042
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Retirement accounts. Qualified retirement plans ? such as 401(k) accounts, IRAs and Roth IRAs, tax-sheltered annuities, deferred-compensation plans and many pension and profit-sharing plans ? are automatically protected from creditors under North Carolina law as well as the Employee Retirement Income Security Act.
In many cases, filing Chapter 7 or 13 bankruptcy can prevent you from being evicted, at least temporarily. When your case is filed ? even before its final resolution ? the automatic stay can put a stop to most collection actions, including evictions.
As a landlord, you cannot include a clause that goes against the provisions of an implied covenant. Specifically, the implied covenant of quiet enjoyment is the tenant's right to enjoy their rented spaces free from undue interruptions, noises, and nuisances.
Keep in mind: In North Carolina, a creditor's ability to collect under a judgment lien will be affected by a number of factors -- including a fixed amount of value that won't be touchable if the property is the debtor's primary residence (called a homestead exemption), other liens that may be in place, and any ...
The North Carolina Office of Administrative Hearings and the Fair Housing Act prohibit landlords from discriminating against potential tenants because of their race, religion, familial status, sex, gender, etc.
In North Carolina, there are many statutory and common law protections in place that help a debtor keep their wages and property, even in the face of claims by credit card companies or other creditors. North Carolina has stringent restrictions on wage garnishment, about which you can learn here.
Retirement accounts (401(k)s, IRAs, Roth IRAs, 403(b)s, etc.), including inherited retirement accounts, are exempt from the claims of creditors in North Carolina, so a North Carolina resident generally does not need any special planning to protect his or her own retirement accounts from creditors.
North Carolina Homestead Exemption The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. Both spouses must be on the title to double this exemption.
