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Bankruptcy Law/Rental Income Post-BK Discharge

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Expert: - 4/9/2011


Question
Hi Mr. Markus,  

At the end of 2009 my partner filed Chapter 7 Bankruptcy which included two rental properties.  Both were discharged in the BK.   The property manager contacted us three months ago to inform us that they had a tenant move in and wanted to know where to send the rent check.  The bank has made no contact since the discharge.  Legally, what are we supposed to do with the rental income?

Thank you.

Answer
That depends on who currently owns the property.  Your partner being discharged of debts has nothing to do with your question.  Is the Chapter 7 case still open?  Did the Trustee administer the assets?  Did the Trustee abandon the properties back to your partner?  Is the bankruptcy case closed?  Simply not enough information to answer your question.  If the bankruptcy case is closed (which, again, has nothing to do with the discharge) and the Trustee did not sell or take any other action with respect to the property, then the rent belongs to you and your partner.  

Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/  

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Mark J. Markus- California Bankruptcy Attorney

Expertise

Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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