Security Deposit and Landlord Bankruptcy

[lambcop]

What is the name of your state?What is the name of your state? WI

If my landlord is going bankrupt, what are the chances of getting the security deposit back (it equals two months rent)? I read that I am actually considered a creditor. thanks

 

[ENASNI]

hmm

I am not sure if I can help, but by asking some questions, maybe one of the other learned people on this board can.
Is this a personal bankruptcy, or business bankruptcy?
Are you the only tenant, or is this an apartment complex?
Is the LL losing his property, forclosure... Is it being sold?

 

[lambcop]

Landlord Bankruptcy

He started his own construction business the beg. of 2004 and all is not well, so it would be a business bankruptcy, he owns several duplexes in addition to his real estate development company....

 

[ENASNI]

hmmm

Well Lambcop...Are you thinking of moving soon? Or are you thinking down the line?
Because you probably are not privy to what type of bankruptcy he is going to try, you are going to lack some details. However, it might do well for you to post this question in the Bankruptcy and Consumer Credit forum as well.

Let them know you don't have many details, but they might be able to help you with the possible scenarios.

At this point... whoa.. .hmmm. If the construction company is seperate from his apartment complex business, he may have to keep them seperate...
Well... No. I have no idea. Better go over there and ask.

If you are thinking about moving out soon... GO! he has some paperwork to fill out unless he has done so already, you might get out before Camelot falls.

 

[queenofsand]

As a creditor, you'll need to file a proof of claim--unsecured priority claim--and hope there's enough money. Some states require a landlord to separate security deposits so they can't be claimed as an asset because it's money that actually belongs to the tenant. Consult with an attorney.