Delinquent Tenant Filing Bankruptcy? What That Means as a Landlord?
If you are in the situation of being a landlord when a tenant files for bankruptcy, it can be stressful for you and them. Not getting that guaranteed stream of income from their rent payments is frustrating. They are obviously unable to honor their commitment to pay their lease. Canfield Wells Henrico bankruptcy lawyers wants to destress the process of sorting out tenant bankruptcy for you. We start by assessing what assets the tenant still has. We help the tenant and you come to an agreement that may involve some rent payment forgiveness from you, and a cash settlement from their leftover assets.
We analyze the tenant’s income stream and help them to budget more properly for expenses. We know that it is often possible to squeeze out more money if the tenant’s personal finances are straightened out better. We then get a written agreement from the tenant that is signed and witnessed to make the compromise settlement payments. We enforce it by checking up on them regularly through phone and texting. If they refuse to settle, we help you contact the local sheriff to get the message across. Rest assured that your property and personal rights will be respected. We stake our reputation on getting a good situation out of a bad one.
A question that might come up during the process includes debt. What if my tenant has too much debt? We know that debt can be a problem. We make it a part of our assessment to identify what credit cards are choking the tenant’s ability to pay up. We then do our best to persuade the tenant to stop using those unnecessary lines of credit.
When you contact Canfield Wells Henrico bankruptcy lawyers, you are getting high-quality professionals. Tenant delinquency is a challenge that we are ready to handle. Contact us today to hear more about how we can resolve your case. We look forward to hearing from you and addressing any concerns and questions that you might have.