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.
New Mexico Landlord Bankruptcy Clause
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US-OL28042
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FAQ
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.
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.
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.
A Writ of Restitution is a document that authorizes the U.S. Marshals Service to schedule an eviction of the tenant. After the Writ of Restitution is filed, the Clerk's Office sends the writ to the U.S. Marshals Service. The U.S. Marshals Service sends a copy of the writ to the tenant.
Section 47-8-37 - Notice of termination and damages. A. The owner or the resident may terminate a week-to-week residency by a written notice given to the other at least seven days prior to the termination date specified in the notice.
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.
