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Bankruptcy Law

Rental Deposit

Customer Question
We have filed bankruptcy and...
We have filed bankruptcy and included in the Bankruptcy is a rental property we had renters in. We gave the renters two months notice that we were filing bankruptcy and did not charge them rent for those months. We will be meeting to do the walk thru and they want the security deposit back the day of the walk thru. We told them we still need to do a walk thru and can still deduct any damage to the home. Are we within our rights to do this? or do we have not rights to their security deposit now that the house is in bankruptcy?

Thanks
Sharon
Submitted: 9 years ago.Category: Bankruptcy Law
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Answered in 28 minutes by:
1/6/2009
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified

Hello,


Thank you for your question. I am happy to assist you.



The security deposit is not your money. It is the tenants money that you are holding in trust for them. The entire amount should have been turned over to the bankruptcy trustee.



The house, unless you claimed it as an exemption, is not yours. It is part of the bankruptcy estate. You should not be doing the walk through or dealing with the tenants.



I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLANDNYLAWYER



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

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Customer reply replied 9 years ago

Thank you.

 

I the house is part of the bankruptcy. Our br lawyer did not ask for the security deposit to be placed as part of the bankruptcy trustee. We plan on giving the deposit back but because we left our washer & dryer and fridge freezer with them we held the deposit. They are saying we have no claim on the security deposit at all, we thought if their was damage to our property we could deduct for that, but I think from your answer do not.

 

Sharon

Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Hello,

You do not have the right to return the security to the tenants. It is the trustee who must make that decision.


Thank you,
FLANDNYLAWYER



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE



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Ellen
Ellen
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