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When Bankruptcy Threatens Rent Collection or a Real Estate Transaction, Legal Advice from Bankruptcy Specialists Makes a Critical Difference.
Landlords...
Developers...
Mortgage Brokers...
Real Estate Professionals...
MAXIMIZE GAINS, MINIMIZE LOSSES
When bankruptcy is involved, sophisticated real-estate professionals advise their clients to immediately seek counsel from experts in that area of the law. They know that the federal bankruptcy courts operate under unique rules, and that missing tight deadlines for filing motions, claims, or objections can result in lost or diminished rights.
Weintraub & Selth, APC guides landlords, developers, and other real estate professionals through the ever-changing maze of bankruptcy law. Our attorneys are passionately committed to understanding the specifics of your problem and helping you achieve the best possible outcome, whether through negotiation or litigation. Our longstanding relationships with bankruptcy judges, trustees, and other bankruptcy professionals enable us to operate efficiently and effectively, and often give us early access to critical information.
Our attorneys are recognized by peers and judges as leaders in the field. They have the same level of experience, sophistication, and thoroughness as attorneys in major law firms. Yet our rates are substantially lower than theirs, and your work is not performed by less experienced associates. Back to top
WE HELP LANDLORDS COLLECT RENT
Commercial or residential tenants who file for bankruptcy typically cease making rent payments. But the bankruptcy Bankruptcy Code obligates tenants to pay rent. Through effective lawyeringlegal representation, tenants in bankruptcy can often be compelled to pay rent, late charges, and even attorneys' fees. Accrued rent can be given priority over other debts. Correct and timely action by the landlord can prevent loss, whether the tenant remains on the premises or has vacated. We help landlords find the best solutions to a multitude of problems arising from tenant bankruptcy, including these:
- Tenants considering bankruptcy often demand reductions in rent. We help landlords determine whether negotiation or vigorous enforcement of legal rights is the better option. If negotiation is called for, we can help throughout that delicate process.
- A tenant in bankruptcy has the right to assume or reject a lease. In either case we counsel landlords on how to exercise their legal rights, which in the case of a rejected lease are determined through applying a complex formula.
- Under current bankruptcy law, a security deposit held by a landlord is considered the property of the debtor's bankruptcy estate. We help landlords get court orders allowing them to use security deposits.
- Shopping center leases are subject to a different special set of bankruptcy rules. We help landlords deal with these rules and we consult with real-estate attorneys on how defining a lease as a shopping center lease can give landlords additional protection in a bankruptcy.
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WE HELP DEVELOPERS AND INVESTORS PURCHASE PROPERTY
When a developer or investor wishes to purchase property from a bankruptcy estate, our knowledge and relationships contribute to finding optimal answers to these and many other questions:
- How large a deposit should you make?
- Is the deposit refundable?
- If you are first to bid, but another bidder wins the auction, do you get just your deposit back, or are you also entitled to attorneys' fees, due-diligence costs, and a breakup fee? (If your lawyer understands the nuances of how to structure it, bankruptcy courts will sometimes even allow payment of a bonus for the value you created by being the first to step forward.)
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WE HELP MORTGAGE BROKERS AND REAL ESTATE AGENTS CONSUMATE DEALS
Sometimes the sale of a property or refinancing a mortgage is on the verge of completion when the buyer of the property files for bankruptcy, stopping the loan and the sale. If the lender wants to go ahead with the loan, Weintraub & Selth, APC advises on how to obtain the Court's approval despite the bankruptcy. Back to top
IT'S EASY TO WORK WITH US
When faced with nonpayment of rent, a lost sale, or other potential losses stemming from bankruptcy, the last thing you need is additional grief. Weintraub & Selth, APC values your time and enables you to use it efficiently. We want you to have a positive and satisfying experience as well as the best possible outcome. We deliver
- Availability -- we take your calls
- Responsiveness -- we return your calls
- Knowledge -- we answer your questions
- Integrity -- we do what we say
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HOW WE HAVE HELPED OUR CLIENTS
Payment of Back Rent Negotiated
A doctor who owned a shopping mall faced financial ruin when his anchor tenant, a department store, filed for bankruptcy. The department store occupied a large site and owed a great deal of rent. We helped our client, the doctor, make an informed choice based on understanding the plusses and minuses of all options. In this case, that was to aggressively enforce his right to the rent and evict the tenant so he could market the space and find a new tenant. Back to top
Payment for Foregoing an Option to Buy
Our client, a real estate developer, had acquired an option to purchase land that he intended to lease to a national automotive service franchise. The party who granted the option went into bankruptcy and attempted to reject the developer's offer in order to seek a more lucrative sale. We litigated vigorously on behalf of our client. As a result, despite the fact that the law was probably in favor of the party in bankruptcy, the debtor and his new buyer elected to pay our client to agree to voluntarily terminate the option. Our client was quite pleased with the $300,000 he received. Back to top
Despite Tricky Bankruptcy Proceeding, Buyer Recovers Investment
Our client purchased an apartment building at a foreclosure sale. Because the foreclosing seller had not fully complied with the law, there was a latent defect in the title. Months later, the former owner, now in bankruptcy, tried to have the sale set aside based on the irregularity. Our client had already spent hundreds of thousand of dollars improving the building, and was at risk of losing that investment. As a result of our aggressive and creative defense of his position, our client was awarded a lien for all out-of-pocket expenses, including a significant portion of the attorneys' fees. The former owner paid the lien in full. Back to top
Mortgage Broker Completes Transaction with Borrower in Bankruptcy
Our client, a mortgage broker, was in the middle of a refinance to cure mortgage arrearages when his borrower had to file for bankruptcy to stop a foreclose sale. The refinancing was still viable, but completing the transaction required detailed knowledge of the applicable bankruptcy law. The mortgage broker referred us to his client, whose lawyer was not experienced in this area. We filed a motion on behalf of the debtor that enabled the refinancing to succeed, saving the property from foreclosure. The mortgage broker, who had paid our fee in advance, billed all of it back to his client through closing costs. Back to top
The property was saved for his client from foreclosure.
ADDITIONAL SERVICES
Weintraub & Selth, APC is expert in gaining enforcement of judgments, pre-judgment attachments, and receiverships. We represent mortgage lenders and owners of commercial and residential property in collections and foreclosures when bankruptcy is not involved. We also represent property owners at risk of losing real estate or lease rights as a result of short-term financial problems. Back to top
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