Skip to main content
No. of Recommendations: 0
Thanks, NoIDAtall. The attorney I consulted with recommended Chapter 7 bankruptcy, not 13.

I'm kind of surprised that your attorney recommended that, if all of your debts are unsecured. I asked my attorney what the difference was between filing a Chapter 13 and a Chapter 7. She replied, "With a Chapter 13 you get to keep your stuff."

A friend who owned and operated a restaurant in a leased building had to close the business because it wasn't turning a sufficient profit to pay the bills. He vacated the building a couple of years before the lease expired. The landlord, finding it hard to rent the building to another, pressed for continuance of payments under the lease agreement, which amounted to around $2,000/month. Prior to signing the lease, the landlord had promised, verbally, to lower the very high ceilings in the building to help reduced power bills. The landlord also verbally advised that he would reduce the rent, but instead served him with an eviction notice when he paid the reduced rent the landlord had verbally advised. He filed Chapter 7 on the lease agreement only. I thought it was a shame that the landlord pushed him to filing. Doing so didn't gain the landlord a thing. I certainly wouldn't want to rent from the guy, and apparently few other people want to either.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.