What happens when you are a tenant in a building and the owner of the building files Chapter 7 bankruptcy?

The tenant is also carrying a second deed of trust for monies loaned to the landlord/owner and has no rent due to the landlord until April 2010. The tenant operates a business separate from the landlord's business and was not given any notice.
In Leasing Property - Asked by Charline H. - Nov 12, 2009
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Answer(s)

Chris R.
Broker/Agent
Denton, TX

Tenant needs legal counsel. Owner files chapter 7 which will, ultimately, dispose of all his debts and obligations as identified in his filing of the papers with the bankruptcy court. How such as a tenant's lease and obligations and other claims might be addressed need to be handled by a competent real estate attorney to represent the tenant's interests. Absent legal counsel - tenant's position is in great jeopardy.

Dec 1, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

Tenant could be in hot water.
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Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com
Web Reference: http://www.gregorygarver.com

Dec 3, 2009
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