For the last several years, those considering filing bankruptcy in New York who lived in either a rent-controlled or rent-stabilized apartment had to consider the possibility of losing their home if they filed bankruptcy. It seemed crazy that some of the most vulnerable among us risked becoming...
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Update: Bankruptcy in NY with Rent-Control and Rent-Stabilized Apartments
As discussed in previous blogs, due to a loophole in the law, those who file bankruptcy in New York and who live in rent-controlled or rent-stabilized apartments risk losing their homes. Although there has been no resolution of this unfortunate situation, there have been some developments in two...
Rent Controlled and Rent Stabalized Tenants Filing Bankruptcy Still at Risk to Lose Homes
When then Governor David Patterson signed into law a bill in 2011 increasing the amount of assets that a person is allowed to keep when filing bankruptcy in New York, I expressed concern that individuals living in rent-stabilized and rent-controlled apartments were in danger of having their leases...
Beware if you need to File Bankrutpcy in NY and Live In a Rent Controlled Rent or Rent Stabilized and Apartment!
Due to a quirk in the law those filing bankruptcy in New York face the real possibility of losing their rent stabilized or rent controlled apartments. I first brought this subject up in my blog entry on May 5, 2012, which you can read for more on this subject. After writing that entry I did...