1.0Barna, Guzy & Steffen, LTD.https://www.bgs.com/blogJoan M. Quadehttps://www.bgs.com/blog/author/joan-m-quade/rich600338<blockquote class="wp-embedded-content" data-secret="b0mn9HEOQk"><a href="https://www.bgs.com/blog/2009/12/20/bankruptcy-overview-and-the-unexpired-lease/">Bankruptcy Overview and the Unexpired Lease</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.bgs.com/blog/2009/12/20/bankruptcy-overview-and-the-unexpired-lease/embed/#?secret=b0mn9HEOQk" width="600" height="338" title="“Bankruptcy Overview and the Unexpired Lease” — Barna, Guzy & Steffen, LTD." data-secret="b0mn9HEOQk" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /*! This file is auto-generated */ !function(c,d){"use strict";var e=!1,o=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},c.wp.receiveEmbedMessage);else if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(!t);else if(!(t.secret||t.message||t.value));else if(/[^a-zA-Z0-9]/.test(t.secret));else{for(var r,s,a,i=d.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),n=d.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),o=new RegExp("^https?:$","i"),l=0;l<n.length;l++)n[l].style.display="none";for(l=0;l<i.length;l++)if(r=i[l],e.source!==r.contentWindow);else{if(r.removeAttribute("style"),"height"===t.message){if(1e3<(s=parseInt(t.value,10)))s=1e3;else if(~~s<200)s=200;r.height=s}if("link"===t.message)if(s=d.createElement("a"),a=d.createElement("a"),s.href=r.getAttribute("src"),a.href=t.value,!o.test(a.protocol));else if(a.host===s.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener("message",c.wp.receiveEmbedMessage,!1),d.addEventListener("DOMContentLoaded",t,!1),c.addEventListener("load",t,!1);function t(){if(o);else{o=!0;for(var e,t,r,s=-1!==navigator.appVersion.indexOf("MSIE 10"),a=!!navigator.userAgent.match(/Trident.*rv:11\./),i=d.querySelectorAll("iframe.wp-embedded-content"),n=0;n<i.length;n++){if(!(r=(t=i[n]).getAttribute("data-secret")))r=Math.random().toString(36).substr(2,10),t.src+="#?secret="+r,t.setAttribute("data-secret",r);if(s||a)(e=t.cloneNode(!0)).removeAttribute("security"),t.parentNode.replaceChild(e,t);t.contentWindow.postMessage({message:"ready",secret:r},"*")}}}}(window,document); </script> Many clients over the years have had questions regarding bankruptcy law and the consequences of a tenant in possession of commercial space, filing Bankruptcy. The bankruptcy law is complex and comprehensive. The following is meant as a simplified overview and, of course, you should consult with an attorney on specific cases. Bankruptcy is covered by Federal Law. The purpose of the Bankruptcy Act is to convert the estate of the debtor into cash and distribute it fairly among creditors. Once a debtor files Bankruptcy, there is an automatic “Stay”. In regards to collection activity, this means it is a violation of the Stay for any creditor to do anything to attempt to collect a debt. It stops all collection activity including collection letters being sent by the creditors. Chapter 7 covers liquidation. See 11 U.S.C.S. 701 et seq. This is where a debtor is unwilling or unable to repay their obligations, and involves the debtor surrendering to a trustee all assets that are not specifically exempted by the bankruptcy laws for liquidation into cash. See Re Ross, 95 B.R. 509 (Ohio 1988). The estate is dismantled, converted to cash, and distributed equitably among the creditors. A trustee in a Chapter 7 case may be either appointed by a United States Trustee or elected...https://bgs.com/wp-content/uploads/Real-Estate-Law.png