I have a year left on a 5-year lease. Will my lease commitment be cut loose in a Chapter 7 bankruptcy? Will I be responsible for any monetary damages that may occur?
Your commitment will be terminated, as it will be considered a debt along with all others. You may be liable for monetary damages in certain situations, e.g., by damaging the property upon termination of your possession. However, the lessee cannot be held responsible for reasonable wear-and-tear on the leased premises.
(Reviewed 11.10.08) | 
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