It is not a debt, so it should not be effected.Can bankruptcy legally get me out of my rental lease?
Too bad that the answer is wrong.
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It can usually get you out of your lease, you still have to pay rent if you live there, it is an ongoing expense for a product or service you are consuming therefore not subject to forgiveness of a previous incurred debt. It will get you out of your lease as it adds an additional step for a landlord to evict you and most would rather get rid of you since recovery for damages and the potential unpaid rent will be problematic at best. Any unpaid rent that was due before the filing will be part of the adjudicated settlement, but the landlord can proceed with immediate eviction for unpaid rent.
When you file for bankruptcy and lease an apartment, you must either assume the lease or reject it. If you assume the lease, you agreement to be bound by it and you do not receive a discharge of future lease payments. You also have the option of breaking the lease and walking away.
Yeah it could. But it could also stop you from being able to get a lease again, or any type of credit for quite a while. Do anything you can to avoid the bankruptcy, it really may make things more difficult. Try to find a hole in the lease to get you out of it rather than just breaking it.
No, it actually cannot because a lease is NOT an extension of credit.
It is not the same as a mortgage, credit card payment or a car payment.
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