Tenant declaring bankruptcy, how to protect myself?
Single family home, USA
Tenant has not missed a payment (though they have only been on the lease for 6 months). I just got a letter in the mail from a law office saying that my tenant is declaring bankruptcy. I only know a little about bankruptcy law so I want to understand where I am protected/exposed:
- Is their lease null and void now?
- Is the tenant required to continue paying rent?
- Should I start preparing for eviction?
These renters have not missed a payment, so I would rather not evict. What I'm worried about (and this is where my legal knowledge breaks down) is that by having tenants that declared bankruptcy:
- they are no longer required to pay under their lease,
- I have no legal recourse if they decide to stop paying, or
- my landlord rights are reduced and it will become much harder to evict or force payment if they stay