Chapter 7 personal with a biz twist

[jimbo367]

I want to file a 7 in Jan in New York
It would be a no asset case.

Except I have a lease on retail store that I subleased for same as cost therefore no profit made.

Is that something a trustee would want to get involved in?

[despritfreya]

I want to file a 7 in Jan in New York. I have a lease on retail store that I subleased for same as cost therefore no profit made. Is that something a trustee would want to get involved in?

Are you the tenant under the lease or is your entity the tenant? Do you have an attny?

Des.

[jimbo367]

I leased the building but realizing I can't use it sub leased it.
the sublease has zero profit

[despritfreya]

I leased the building but realizing I can't use it sub leased it.

Since the lease is in your name individually, when you file bk the Trustee steps into your shoes and takes it over. The Trustee will most likely reject the lease within weeks of filing since he/she does not want to be responsible for payments. As to the rents you collect, from the moment you file bk those rents should be turned over to the Trustee. It will be up to him/her to decide what to do with the payments.

If you do not have an attny I strongly recommend that you get one as it appears you are not a "simple" case.

Des.