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jbrlaw
jbrlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 269
Experience:  Creditors' rights lawyer involving collections, foreclosures and bankruptcies for almost 19 years.
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I am filing chapter 7 bankruptcy and on the ...

Resolved Question:

I am filing chapter 7 bankruptcy and on the debtor''s statement of intention it asks if I want "lease will be assumed pursuant to 11USC3621hA. I am leasing a house and want to stay in the house and make regular payments. What does the word "assume" mean on this form? Does it mean the lease will be assumed to the bankruptcy estate and I will not be liable for it? How should I mark this considering my intentions?
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  jbrlaw replied 9 years ago.
You will be responsible for the debt, but would be reaffirming the debt so that you may retain the leased premises.

By indicating that you will assume or reaffirm the debt, the trustee will then determine if the landlord will be adequately protected by your bankruptcy plan. You want to do this.

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Please note that I may not be licensed to practice law in your jurisdiction. As such, my above comments shall not be construed as legal advice and shall not be deemed to form an attorney-client relationship.

Customer: replied 9 years ago.
Reply toCustomers Post: So assuming and reaffirming are synonomous? Is there anything else I need to do to reaffirm or assume the lease?
Expert:  jbrlaw replied 9 years ago.
That depends on whatever the trustee requires and what the lender can get the trustee to require. For now, complete your filing as instructed and make sure, after you've filed, that you let the landlord know, by certified mail (or however notices are required in your lease) that you've filed for bankruptcy protection and that you intend to reaffirm the debt and continue making all payments. If you hire a bankruptcy attorney, he/she can take care of this for you.

The primary goal of the bankruptcy court in this situation is to make sure that your rental payments will not impede the liquidation of other assets and the landlord is adequately protected.

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Please note that I may not be licensed to practice law in your jurisdiction. As such, my above comments shall not be construed as legal advice and shall not be deemed to form an attorney-client relationship.

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