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As a business owner, determining whether your spouse is liable for what is owed in a bankruptcy filing depends on how your business is structured and the debt incurred. In many situations, for married couples it depends on where you live.  In other words, an aspect you may need to consider is how common law [...]

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for August 22, 2013 Judge approves Kodak’s bankruptcy plan Time to Bring Bankruptcy Back for Student Loan Debt Bankruptcy Name Game

Here at Shenwick & Associates, we are seeing a significant uptick in reviewing and negotiating commercial leases. For those who have never leased commercial office space in Manhattan, you need to be aware that the market and leasing terms are unlike any other commercial real estate market in America. Here are seven provisions that all commercial tenants should request when negotiating an office lease in Manhattan. Failing to consider these points can cost a tenant a significant amount of money and aggravation.

1. Request free freight elevator usage for move in and move out of the space.

2. Make as few alterations to the space as possible. Let the landlord do as much work as possible and request that the landlord not charge the tenant for plan review of the initial alterations for the space. Remember that the sage advice "construction is never on time or on budget" also applies to leased spaces. Tenants also should have the right to make non–structural alterations to the premises without the consent of the landlord.

3. If the tenant alters the space with the landlord's consent, the tenant shouldn't be obligated to restore the space to its original use when the space is vacated.

4. Assignment\Sublet. The standard for landlord approval should be "not unreasonably withheld," and the tenant should request the automatic right to assign or sublet the space if it sells the business, goes public, transfers its assets to a related entity or merges with another entity.

5. Electricity. There are three ways that landlords charge for electricity in NYC–direct meter, sub-meter and rent inclusion. The cheapest and best option for the tenant is direct meter.

6. Security deposit. The tenant should ask if a Letter of Credit can be substituted for a cash security deposit. If the tenant is required to provide a cash security deposit, the landlord should represent in the lease how many days after the lease expires the security deposit will be returned to the tenant (e.g. 20 days). If the Landlord is asking for more than two months of security, then the tenant should request that if there are no monetary defaults under the lease, the security deposit is reduced to two months of fixed rent after the first year of the lease (this is known as "burn down.")

7. The tenant should request the following representations from the landlord; (a) the electrical capacity for the space; (b) that the premises do not contain asbestos or hazardous materials; and (3) that the HVAC, plumbing, bathrooms, electrical and fire panels and sprinkler be in good working order at the commencement of the lease.

The above are just a few points or provisions to consider when leasing commercial space, and tenants should always retain an experienced commercial real estate attorney before entering into a commercial lease. Please contact me with any questions.

Jim

Chapter 7 bankruptcy is remarkably powerful – and incredibly fast.
I’ve always said that it takes longer to decide to file for Chapter 7 bankruptcy than for the case to go through the court system.
For most of my clients, the decision-making process takes months of painstaking soul-searching.
First comes looking at options, then compiling documents and choosing the right lawyer.
Then it feels as if the world moves at double speed. Here’s what I mean.
First, The Meeting Of Creditors
Once the case is filed, the court assigns a date and time for the meeting of creditors. That’s anywhere from 30-45 days after the case is filed.
Then The Deadline To Object
Creditors, the trustee and other people impacted by your bankruptcy case have 60 days from the first date set for the meeting of creditors to object to the discharge or dischargeability of certain debts.
Assuming nobody asks for more time to object, we’re now at 105 days from the date of filing of your Chapter 7 bankruptcy case.
Meanwhile, You Tie Up Loose Ends
You do your financial management certification and make sure the certificate is filed with the court.
If you need to reaffirm a debt, you take care of that as well.
Perhaps you need to amend part of your bankruptcy papers. If so, that’s handled while you wait for the deadlines to run out.
Before You Know It …
The meeting of creditors is over, the deadline to object to discharge runs out, and the clerk processes your Discharge of Debtor.
The whole process can take as little as 4 months to be over and done with.
If the bankruptcy court is exceptionally busy then the clerk may not get around to processing your Discharge of Debtor right away, but it’s all a matter of time.
For the most part, a simple Chapter 7 bankruptcy case is over quickly. That gives you the opportunity to get on with your life right away.
Image credit:  Alain Wibert
How Long It Takes To Complete Your Chapter 7 Bankruptcy Case was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.