505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
COMMERCIAL REAL ESTATE LANDLORDS AND THE NEW BANKRUPTCY LAW. Effective October 17, 2005, the New Bankruptcy Act will go into effect. The normal media spin has made it clear that the normal consumers will have a more difficult time filing bankruptcy. If you are commercial landlord, you may love this bill. As a commercial landlord, one of the frustrating aspects of the current bankruptcy law was that a commercial tenant has 60-days from the date of filing to decide whether to keep their lease. Then they can opt for numerous extensions and remain in your lease premises for years, under the protection of the Bankruptcy Court. Now they, the commercial tenant, have 120 days, a fixed time, to decide their options and shall be allowed only one 90-day extensions “for cause”. Any additional extensions must be at the landlord’s consent.
For More Information Contact: Tel:
(813) 387-7724
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