How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

Hello Terry, I have a client who leased a small part of his

Resolved Question:

Hello Terry, I have a client who leased a small part of his residential rental property to a cell tower company on a fifty year lease for a one time lump sum payment. The property is in foreclosure and briefly protected by a ch 7 bk stay. The tower company neglected to obtain a SDN&A at the time of lease signing and has verbally offered 30k to my client to acquire it as they are fearful of losing the rights to their million dollar cell phone tower. My ? is what bargaining power do I have to force them to come to the table and execute their tender offer? Thanks, Pat
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

I will need some additional info. Who filed bankruptcy?

Expert:  Terry L. replied 3 years ago.
What Happens Now?

Your chat has ended, but you can still work with your Expert to get an answer to your question if you have not yet received one.

Come back to this page at any time to see additional information from your Expert.  You will also receive an email when your question is updated.  If you want to send a message to your Expert, use the box below.

If you have already received a satisfactory answer to your question, click the Accept button above.  Experts are credited for each accepted answer they provide.
Expert:  Terry L. replied 3 years ago.
What is the status of the chapter 7?
Customer: replied 3 years ago.
Terry, I efiled the 7 for the client (he teaches Taekwondo to my 3 little boys) on 11-17-10. 341 set for 12-30-10 central dist ca. As of this date no motion for relief from stay has been filed.
Expert:  Terry L. replied 3 years ago.
While the case is pending, the debtor would need court permission to obtain assets, and I would believe that would extend to the license. Is the debtor interested in keeping the property? if so, the chapter 13 would be needed to stop the foreclosure and cure the arrears. The debtor cannot force them to move on the offer unless it was accepted, because of the verbal nature at this point and the statute of frauds. They may be willing to do so to protect their interests. Why wouldn't the tower company do it directly with the licensing company? If the debtor rejected the contract and scheduled the tower on schedule F, the lease can be rejected and discharged in the case. Since the debtor has no foreseeable income, the 13 would be nearly impossible to get confirmed. As for strategy, I would suggest to the tower's attorneys, that they should complete the offer, so the debtor can cure the arrears on the property, and the debtor would sign a new contract with them post-bankruptcy if they do, so that they would be protected down the line. I would fear that this might not be in the debtor's best interest though, if he has no income to pay the mortgage in the future, and would open himself up to breach of contract claims with the tower company if he falls behind with the mortgage and it forecloses later if he re-signs a new contract. I would suggest laying out various options for the debtor, and advise him/her of the pro's and con's of each. If the debtor is truly looking for a fresh start, he shouldn't be concerned with the tower company's issues for failure to obtain the proper licensing,and look out for #1 first. Hope that helps. Thanks. let me know if you have any other questions.
Customer: replied 3 years ago.
Thank you for continuing with this. As for new assets: we have room in CA 703 code of exemptions to cover the remainder of the 30k after the arrears are cured through amendment-in the event the lessee tower co. funds their offer, or the bk could also be withdrawn, n'est ce pas?

Do we have leverage with the option of amending the ch7 petition to reject the extant lease even though it is prepaid for 50 years?

We are seeking the lessee tower co. to make good on their verbal offer so the arrearage is cured, to render moot the conversion to ch13 (assuming the debtor augments income), to keep the lease secure and to retain the property where the debtor's Martial Arts school is housed, as well as a small house he rents to foreign (Korean) Taekwondo students. The debtor anticipates no problem maintaining the mortgage once the delinquency is brought current. What say ye?
Expert:  Terry L. replied 3 years ago.
You can always amend to reject lease and list as a creditor. Then it would be up to the tower co to object based on sec. 11 USC 523, probably a(2) if any, if one would fit. it would just be a breach of contract then. The amendment of exemptions shouldn't be an issue, since it would require specific performance by the debtor, including costs for the license etc. If the exemption has enough to cover the $30k then it should be fine. note, you would need to exempt the mortgage cure amount too, since it would go to the debtor first,then to the mortgage. Hope it all works out for them.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
Terry did you receive my $25. bonus?
Expert:  Terry L. replied 3 years ago.
I did. thank you, XXXXX XXXXX Happy holidays.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.