August 20th, 2007 by Questions
hi i\’ll fill bankruptcy soon and i have a appartment i can\’t make my payment do i have to contact the bnak to give them them the key or just leave my appartment thanks
August 21, 2007 at 8:55 am, Barton Goth GCO Bankruptcy Trustees said:
I am not entirely sure how to answer this post as I am not sure the relationship between the bank and the appartement.
If the appartment is one you have purchased and have an outstanding mortgage on it with the bank then you need to make arrangments to give them the key (i.e. just mail it with a letter that states no more payments will be made).
If this is just an appartment you rent then simply return the keys to the landlord.
Either way if you are expecting a penalty or some debt to be incurred as a result of default on a mortgage or breaking a lease than you should ensure you follow the above advice before you file a bankruptcy. Now you can start your preliminary discussions with a trustee but make sure before the bankruptcy is filed you have dealt with the appartement or the arrears won’t be covered by the bankruptcy.
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