Legal Question in Real Estate Law in Nevada
Tenant Rights in Chpt 7 Bankruptcy
My wife and i are leasing a house in las vegas. We just received a notice from the state of california (where our landlord lives) that he has filed for chapter 7 bankruptcy. My question is how is this going to effect us in the house we lease, and why would we be listed as creditors to him? What are our legal options and what rights do we have?
1 Answer from Attorneys
Re: Tenant Rights in Chpt 7 Bankruptcy
Unless your security deposit is in some special account, it may be in jeopardy. If you paid a security deposit you are a potential creditor. The good news is that the bankruptcy will probably prevent any immediate foreclosure. The bad news is that eventually the house may get sold or foreclosed which may leave you without a place to stay. However, if you rent a different house, there is always the risk it could be foreclosed even sooner than the one you are in. If you have money and credit and like the house you are in, you might be able to get a great deal.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
