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.
Wisconsin Landlord Bankruptcy Clause
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Upon filing, the court will assume legal control of your debts and any property not covered by your Wisconsin exemptions. A trustee will be appointed to your case by the court. The job of the trustee is to see that your creditors are paid as much as possible.
Wisconsin Chapter 7 Bankruptcy Exemptions $12,000 consumer goods exemption ($24,000 for a married couple) $5,000 in checking and savings accounts ($10,000 for a married couple) $50.000 personal injury award exemption. All money in most retirement accounts.
In a Chapter 7 bankruptcy, if you meet the eligibility requirements, you may be able to discharge many of your debts such as credit cards and medical bills. If you want to keep your house you must continue to make your mortgage payments.
Wisconsin Chapter 7 Bankruptcy Exemptions Under Wisconsin state law, you can exempt: $75,000 of the equity of your primary residence ($150,000 for a married couple)
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. (see Wisconsin bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
Immediately upon filing a petition for bankruptcy, an automatic stay goes into effect and stops creditors from attempting to collect debt from you, and prevents eviction if it has not yet been filed for. Call or contact us online to learn more about: If bankruptcy can help with your eviction.
Some of the most notable Wisconsin State exemptions are: $75,000 homestead exemption. ... $4,000 motor vehicle exemption. ... $12,000 "consumer goods exemption" ... $5,000 exemption for savings and checking accounts. ... $50,000 personal injury award exemption. ... Also full protection of most retirement accounts.
