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Assets acquired after filing under Chapter 7, such as wages, can’t be reached by the trustee. But watch out for proceeds, rents and profits.

After-Acquired Property Is USUALLY Not Property of the Estate

Your filing of a Chapter 7 “straight bankruptcy” case creates a bright red line of timing. What you own at that moment of filing is potentially accessible to the Chapter 7 trustee to pay your creditors. It’s “property of the bankruptcy estate.” What you acquire later is not.

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Chapter 7 bankruptcy gives you serious advantages for getting out of a residential lease—advantages in money, time, and peace of mind.


Getting Out During Bankruptcy

Your financial problems may be unrelated to your rental home or apartment. You may be reasonably happy with where you are and be current on your obligations there.

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In a Chapter 7 “straight bankruptcy” you can usually “assume” your lease agreement. But you have to get current fast and keep current.

In our last blog post we established that your landlord can’t end your lease just because you file bankruptcy. That’s true even if your lease agreement clearly says that filing bankruptcy itself constitutes a breach of the agreement. But what if you are in breach of your lease agreement in other ways, such as being late on rent payments? Can bankruptcy still help you stay in your rental?

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A landlord can take back possession of a rental quickly if you're endangering the rental or illegally using a controlled substance there.

Our last blog post was about an exception to the protections of the “automatic stay” for residential tenants. Basically, you can stop an eviction if you file a bankruptcy case BEFORE the landlord gets a judgment of possession. That’s a court determination that the landlord has the right to take possession and evict you. After this judgment, filing bankruptcy doesn’t stop an eviction, except under some unusual circumstances discussed in our last blog post.

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