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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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We just got a notification that our landlord filed bankruptcy.

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We just got a notification that our landlord filed bankruptcy. What can we do? Can we buy the house for a reduced amount so that we don't have to move?
You need to find out if he is keeping or surrendering the property. nothing changes your responsibility to pay the rent, so continue to do so. Talk to the landlord, perhaps they are willing to sell. Just because he filed bankruptcy, doesn't mean he will lose the property. he can keep it if he is current on the mortgage and there is no equity. He must disclose all assets, otherwise it is bankruptcy fraud, subject to fines, or even jail.
Customer: replied 6 years ago.
If I believe he is committing bankruptcy fraud, how would I go about reporting what I have found? Especially since all 5 properties are either under both his and his wife's name, his name individually, or his wife's name only, and have been appraised at $621,810 but the original 3 properties that he told us he owns are only valued at $361,760.00?
You should notify the trustee assigned to the case and provide them with that information. The department of justice will then review the file.
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thanks, Terry. You gave us some options. I'm going to continue to look for properties in other surrounding counties that this particular person or his wife might own.
Ok, best of luck to you.