Saving Your Lease When A Property Owner Goes Bankrupt

With the longstanding economic downturn, many property owners have been forced into bankruptcy, and this is likely to continue for some time. Many laundry companies assume that if a property which they lease becomes involved in a bankruptcy case, their leases will automatically be terminated as a result. That is wrong! Little known provisions of the massive federal bankruptcy laws create strong rights and protections for tenants in possession of properties under written leases. Asserting those rights should not cost a great deal of money, but you must have an experienced lawyer who understands both the bankruptcy laws, and the bankruptcy court system.      What we have found is that by even informally asserting our client’s legal rights in bankruptcy situations, property owners or their lenders, who are desperate to sell the properties quickly, do not want to face the delays and other problems that a battle over the laundry room lease might present. Therefore, we frequently are able to secure very fine results for our clients, either in the form of a new lease with a new owner of the property, or a buyout of the existing lease, with money paid by the lender or the current or new property owner.

On those very rare occasions where such matters were not resolved amicably and often quickly, we have won in or out of court, either by retaining our client’s possession of the leased property, or by having it paid the value of its leasehold from the proceeds of the sale of the property.

If you could benefit from our vast experience on behalf of laundry companies in bankruptcy situations, or virtually any other type of laundry room lease matter, please feel free to contact us. We assist companies all across the United States, both large and small, and would be delighted to work with you.

The Law Firm of Winick & Gallaher, P.C. has 30 years of experience in helping laundry companies all over the USA to create state-of-the-art leases. A properly drafted lease will improve your legal rights, thus reducing the number of legal disputes, and lowering your attorneys’ fees. We assist clients with both improving their standard leases, and writing customized lease clauses to fit particular situations or customer demands. If our vast experience in the laundry business could benefit you, feel free to contact Russel Winick at 630-548-5800.