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I have a simple rent to own agreement for some land that…

I have a simple rent...
I have a simple rent to own agreement for some land that does not require landlord consent for an assignment to someone else. If i execute an assignment on the rent to own agreement how will it be treated if I were to file chapter 7 in the future.
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Answered in 7 hours by:
3/21/2018
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 22,724
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

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Your Question:

I have a simple rent to own agreement for some land that does not require landlord consent for an assignment to someone else. If i execute an assignment on the rent to own agreement how will it be treated if I were to file chapter 7 in the future.

Response: The rent to own-agreement will not appear in your bankruptcy because you have assigned your right to the contract to another person. No money was exchanged. So, there is nothing to report on the bankruptcy Schedules and Statement of Financial Affairs.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 22,724
Experience: B.A.; M.B.A.; J.D.
Verified
Phillips Esq. and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 4 months ago
thanks. I sold my insurance agency book of business in 2015. the buyer defaulted and we ended up in litigation. We settled this last November. part of my settlement included me sharing the power bill on the leased space until the buyer was able to obtain a separate lease with the landlord and ending the sub lease he has under my lease. I was told by a local attorney that I could list this settlement agreement in the chapter 7 paperwork and since a settlement agreement with no fault admitted that this would probably be discharged. does this sound correct?. my commercial/ business debt are over 50% of my consumer debts by far especially when considering the lease which I signed a personal guaranty on.
thanks,

Thank you for the information. However, the policy of this site requires that you post this new question on a new thread. You can make the new post attention to me to ensure that I see the new post.

Thank you for your cooperation.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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