renters just declared bankrupcy
I`m a landlord of renters who just declared bankrupcy. They`ve been tenants for two months, with the second month being 2 weeks late on rent payment. They`re givenme new cheques as they had to change banks but they say they may struggle paying the rent. What should I do to protect myself? Possibly get the name of their trustee and send a letter indicating requirement of rent payments? I need to protect my investment.
thx
There is no point sending the trustee a letter indicating the monthly rental obligation as the bankruptcy will have no impact on your relationship with the renters or upcoming rental obligations.
The only thing I can say is that your renters may be in a position where it is easier to make the rent payments now that they aren’t paying on all of their other debt.