Bankruptcy income eligibility got easier April 1, 2023 Income eligibility to file Chapter 7 bankruptcy in Virginia got easier April 1, 2023.  The median income–that’s the cutoff for automatic eligibility based on income–shot up six to ten thousand dollars. The median income for a family of four increased from $124,304 to $134,252.  For a family […] The post Inflation Adjustment on income–But not on Expenses by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Bankruptcy is a legal process that can help you deal with insurmountable debt. There are multiple types of bankruptcy that may be declared in New Jersey. No type of bankruptcy is universally considered the best. The best form of bankruptcy for you will depend on your goals and your unique financial situation. For example, Chapter 7 bankruptcy may be a better option for someone who wants to wipe out their debts quickly and cheaply. Meanwhile, Chapter 13 bankruptcy may be preferred by someone who wants to retain certain assets and get caught up on a mortgage payment. If you need help with your bankruptcy case, contact our experienced New Jersey bankruptcy attorneys at Young, Marr, Mallis & Associates by dialing (609) 755-3115. Types of Bankruptcy You Can File for in New Jersey Choosing the right type of bankruptcy can be a complicated process. There is a wide array of factors that must be considered. While assessing your case with our Trenton, NJ bankruptcy lawyers, you may decide which of the following forms of bankruptcy you should declare: Chapter 7 Chapter 7 bankruptcy is sometimes called “liquidation bankruptcy.” Those who file for this form of bankruptcy will be able to eliminate most types of debt. Some examples of unsecured debt that can be discharged are credit card bills and medical bills. However, there are some types of debt that cannot be wiped out like family support payments, penalties for criminal actions and certain tax debts. In order to be eligible for Chapter 7 bankruptcy, you must past a means test which examines your income, expenses, and family size. You also cannot file for Chapter 7 bankruptcy if you have had a Chapter 7 discharge within the previous 8 years or a Chapter 13 discharge within the last 6 years. Finally, you cannot qualify for Chapter 7 bankruptcy if you have had a bankruptcy petition dismissed within the previous 180 days. This is generally the quickest form of bankruptcy, with many declarants having their debts discharged in under 6 months. Still, when you file for Chapter 7 bankruptcy, a negative mark will remain on your credit report for 10 years from the date you filed. Also, if you file for this form of bankruptcy, your creditors can immediately collect the payment you owe them by seizing property, garnishing your wages, and even taking funds from your bank account. Chapter 13 Chapter 13 bankruptcy is a type of bankruptcy that allows you to reorganize your debt and enter into an interest-free debt repayment plan. When filing for this type of bankruptcy, you will submit a repayment plan that must be approved by the court. The amount you pay and the duration of your plan will be determined by examining the property you own, your expenses, and your median income. To be eligible for Chapter 13 bankruptcy, the amount you owe must be within certain debt amount limitations, you must be up-to-date on your tax filings, and you must have enough income to cover your debts. Furthermore, businesses are not allowed to file for Chapter 13 bankruptcy, only individuals may qualify. While your Chapter 13 bankruptcy case is active, your creditors will be unable to initiate any lawsuits or collection activities against you. There are certain benefits that are available under this type of bankruptcy that are not available under Chapter 7. For example, you may be able to save certain property from repossession and keep your home from being foreclosed on by choosing Chapter 13 bankruptcy. Furthermore, if you need time to repay a debt that you cannot discharge through Chapter 7, you can declare Chapter 13 bankruptcy to force your creditor into a repayment plan. Still, the length and cost of the repayment plans established under Chapter 13 bankruptcy can be difficult for many filers. Many people find that they cannot afford the monthly payments. If you do not earn regular income, this type bankruptcy will not be the correct choice for you. Chapter 11 Chapter 11 bankruptcy is seen as a commercial bankruptcy option for businesses who are seeking to reorganize their debts while having the option to keep their doors open at the same time. Under this type of bankruptcy, declarants must put together repayment plans which are voted on by their creditors and company stockholders. There are certain debts that cannot be discharged through Chapter 11 bankruptcy like unpaid taxes and student loan debt. However, debts that are not excluded may be paid back partially or in full over the course of several years. Some debts may even be completely discharged. Repayment plans for this type of bankruptcy often last five years, but in some cases can take up to 10. Businesses who file for Chapter 11 bankruptcy will generally be able to keep all of their assets. However, filers can propose to sell certain assets to satisfy their repayment plans. There are several circumstances where filing for Chapter 11 bankruptcy may be appropriate. For instance, small businesses may elect to file for this type of bankruptcy in order to help with their debts while keeping their business running. Furthermore, large businesses may elect to declare this type of bankruptcy to avoid the selling or liquidating the companies. Still, the process for filing Chapter 11 bankruptcy can be lengthy and tiresome. Additionally, the timeline for repayment may be unpredictable. Chapter 12 Chapter 12 bankruptcy is a type of bankruptcy designed for family farmers and fisherman. IT allows them to reorganize their debts and submit a repayment plan. It is a better fit for these parties because it uses a more straightforward process than Chapter 11 bankruptcy and allows files to have more debt than is allowed in a Chapter 13 case. Chapter 15 Chapter 15 bankruptcy is designed to address international bankruptcy issues. It allows foreign debtors to file for bankruptcy in the United States court system. This form of bankruptcy is usually used in insolvency cases that involve businesses or people with assets in multiple countries. Chapter 9 Finally, Chapter 9 bankruptcy allows cities and other types of municipalities who are in financial trouble to seek protection from creditors by establishing a repayment plan. However, this type of bankruptcy is rare and outcomes for various cases can be unpredictable. Call Our Attorneys for Help with Your Bankruptcy Case in New Jersey Get help from our experienced New Brunswick bankruptcy attorneys at Young, Marr, Mallis & Associates by calling (609) 755-3115.

 Bankruptcy Fraud: Former Attorney From Westchester Lied To Keep Home, Sports Car, Officials Say and was Arrestedhttps://dailyvoice.com/new-york/scarsdale/news/bankruptcy-fraud-former-attorney-from-westchester-lied-to-keep-home-sports-car-officials-say/860005/?emh5=07d29e82d0d168c807e94007ee2a9bb2&emh256=455e752c66fb0d80f8fdcfa65fb0e36b493bf4cfb8a38c283b91f42bb186af86&emsid=22110&lctg=eOjmpoXsZr8tCTDK SplgXx2UI88U KyCe&utm_source=daily-email&utm_medium=email&utm_campaign=daily-scarsdale-260059&group=0&test_id=NoneLying in Bankruptcy Court is a crime and people who commit that crime can be arrested and imprisoned. Jim Shenwick, Esq  917 363 3391  jshenwick@gmail.comWe help people & companies who have too much debt!Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min

If you have outstanding debt, you may be receiving countless phone calls from unknown parties claiming that you owe them. They may even threaten to sue you or initiate some other type of action against you. This behavior can be considered creditor harassment and is illegal. Creditor harassment became such a widespread problem in our country that the government passed the Fair Debt Collection Practices ACT (FDCPA) in 1977. This is a federal law that protects consumers from improper collection practices that constitute harassment, abuse, and deception. You can contact our lawyers for help fighting harassment and potentially pursuing compensation for the violation of your rights. Seek help from our experienced bankruptcy lawyers by calling Young, Marr, Mallis & Associates at (609) 755-3115 for a free case review. What Constitutes Creditor Harassment in New Jersey? Creditor harassment happens when a collector tries to acquire payment for a debt through intimidation, abuse, bullying, or coercion. In many cases, creditor harassment occurs through repeated phone calls to debtors. However, it is not limited to phone calls. Collectors can also harass individuals through text, mail, email, or by speaking with debtors’ friends and family members. There are many ways that collectors can recover the money they are owed, including a collection lawsuit. Still, there is a line they cannot cross. If you are being harassed by creditors, call our bankruptcy attorneys for help fighting back. Summary of the Fair Debt Collection Practices Act The FDCPA was originally passed in 1977 and amended in 1996. It was enacted as a response to a high number of complaints regarding collection agencies who were using improper methods to force people into paying their debts. This act applies specifically to collection agencies, as opposed to original creditors. It establishes that collectors cannot engage in conduct that constitutes harassment, deception, or unfair practices. There are several practices that may constitute harassment under the FDCPA. For instance, threating debtors with violence or using obscene language against them will be considered harassment. Furthermore, collection agencies may harass debtors by calling them repeatedly. The FDCPA outlines several prohibited practices that are considered deceptive. For example, a collector cannot pretend to be an attorney or threaten legal action that they never intend to take. Debt collectors are required to inform debtors that they are indeed collectors and that information provided to them may be used for the purposes of debt collection. Finally, there are also many actions that are considered unfair under the FDCPA. For instance, depositing post-dated checks, threating to take property that is not secured by a debt, and sending a letter that includes a reference to debt collection are all prohibited, unfair practices. The FDCPA allows for debtors to recover up to $1,000 from collectors who violate these laws. Furthermore, the act affords the Federal Trade Commission the power to bring enforcement actions against debt collection agencies who act improperly. How to Stop Collection Agencies Who Harass You in New Jersey You may be able to sue a debt collector who acts in violation of the FDCPA. Still, it is important to remember that harassment does not mean you no longer have to pay the debt you owe. You should not ignore any court summons or other legal documents you may receive pertaining to your outstanding debt. When filing a lawsuit against a debt collector, you must provide evidence of their harassment. Accordingly, you should keep track of all calls and correspondence that they the collection agency made. Furthermore, you should record the time and date for each correspondence and a detailed description of what was said. Proving that a pattern of harassment occurred will be more convincing for your case than identifying a single instance of improper conduct. Limitations Regarding When and How You May Be Contacted by Collection Agencies in New Jersey There are certain restrictions regarding when and how you may be contacted by collectors. For instance, a debt collector cannot contact you at inconvenient places or times. For example, you cannot be contacted before 8am or after 9pm unless you specifically agree to it. Furthermore, a collection agency cannot contact you at work if they have been told not to do so. If you informed collectors that you cannot be contacted at work, then they may only reach out to your place of employment to verify your address or other contact information. When doing so, they cannot let your employer know that you owe a debt. Finally, if you are being represented by an attorney in connection with your debt, then collectors must contact your attorney instead of you. If you do not have a lawyer, then collectors may contact other parties like friends and family members. However, when contacting other parties, they can only inquire about your address, your phone number, or where you work. Generally, collection agencies are not permitted to discuss your debt with anyone other than your lawyer and you. Should You Hide or Avoid Debt Collectors in New Jersey? If you are contacted by a collection agency regarding a debt that you owe, you should speak with them at least once to see if the issue can be resolved. Even if you think that you have been contacted by mistake or are sure you cannot pay the debt right away, you should not ignore the collector. To stop a collector from harassing you, you should inform them in writing that you no longer wish to be contacted. When mailing your letter to a collector, you should send the original through certified mail and keep a duplicate copy for your records. After they receive your letter, the collector may not contact you again unless they are merely letting you know there will be no further contact or are informing you that they are taking a specific action, like filing a lawsuit against you. If You Are Being Harassed by Creditors in New Jersey, Call Our Lawyers for Support Seek assistance from our experienced New Jersey bankruptcy attorneys by calling Young, Marr, Mallis & Associates at (609) 755-3115 for a free evaluation of your case.

Bankruptcy is a legal proceeding that is initiated when a person or business is unable to pay their debts. After declaring bankruptcy, your debts will either be erased, or a repayment plan will be established. Chapter 7 bankruptcy, known as “liquidation bankruptcy,” is generally the quickest and most common form of bankruptcy. When you file for this type of bankruptcy, most of your unsecured debt including credit card debt, personal loans, and medical bills will be discharged by a bankruptcy court. However, certain forms of debt like student loans, alimony, tax debt, and child support will not be erased. If your debt has piled up and you are considering filing for bankruptcy, get help from our bankruptcy lawyers at Young, Marr, Mallis & Associates by calling (609) 755-3115 for a free case review. What is the Process for Filing Chapter 7 Bankruptcy? Chapter 7 is typically the quickest form of bankruptcy that you can file for. Still, it involves filing a variety of documents and paying an assortment of fees. First, you will begin the process by filling out forms that detail records of income, assets, expenses, liabilities, and your overall financial standing. The next step for declaring Chapter 7 bankruptcy will involve enrolling in a pre-bankruptcy credit counseling course. This course may cost between $20 and $100 and are usually offered by nonprofit credit counseling agencies. These agencies will examine your financial standing, weight your options for debt management, and determine if there are other potential solutions to your problems. If it is still determined that filing for bankruptcy is the best way forward, then you will take the forms that you filled out during the first step and file a petition for bankruptcy at a local bankruptcy court. After filing a petition for bankruptcy, a court-appointed bankruptcy trustee will begin managing the process. They will arrange a meeting between you, your creditors, and your attorney if you have one. At this meeting you will likely have to answer questions from your creditors and the trustee regarding your bankruptcy finances and forms. Once your documents have been thoroughly reviewed, your eligibility for Chapter 7 bankruptcy will be determined. If you are determined to be eligible for Chapter 7 bankruptcy, then the trustee will begin identifying property that can be sold to satisfy your debts. The proceeds from your sold assets will go to your creditors. However, certain items that are necessities of modern life are exempt from being collected. For example, motor vehicles, reasonably necessary clothing, and household appliances may be protected. Approximately 3 to 6 months after filing your petition for Chapter 7 bankruptcy, your case will be discharged. This means that your eligible debts have been forgiven and your case will be closed. Still, the path to resolution after declaring bankruptcy can be complicated and frustrating. Support from our experienced Pennsylvania bankruptcy lawyers can be highly beneficial when navigating each step of the process. Steps to Avoid When Preparing to File Chapter 7 Bankruptcy There are certain actions you can take that may complicate the process for filing Chapter 7 bankruptcy, making you wait longer for your case to be resolved. First, you should avoid paying creditors in the months before filing bankruptcy. This may be confusing, but any unusual or large payments could be interpreted as “preferential transfers” that indicate one creditor gained unfair benefits over the others. You should also avoid taking on any new debt while preparing to file for Chapter 7 bankruptcy. A new creditor may assert that you ran up your credit card balance or took a loan without the intention to pay it back. Legally, this can be interpreted as fraud. Furthermore, any unusual transactions you perform like transferring titles of cars or homes may also be considered acts of fraud. Do not try to hide anything from your collectors when filling out your bankruptcy forms. You must be complete and truthful when disclosing your accounts, assets, debts, and other financial information. Some people may attempt to destroy certain documents related to their debt. However, actions such as this can be caught easily by trustees. Finally, you should safeguard your retirement funds and keep them safe while considering filing for Chapter 7 bankruptcy. These funds are typically protected from bankruptcy proceedings, so you should not use them to pay your debt. What Are the Other Forms of Bankruptcy? While Chapter 7 bankruptcy is generally the quickest and most common form of bankruptcy, there are other forms that may be right for you depending on your situation. For instance, while Chapter 7 bankruptcy forgives your debts, Chapter 13 bankruptcy will reorganize it. When you file for Chapter 13 bankruptcy, the court will approve a monthly payment plan that allows you to pay back a portion of your debt over a certain period of time. Unlike Chapter 7, this form of bankruptcy allows for you to keep your assets and catch up on debt that has not gotten completely out of hand. Chapter 11 bankruptcy is most often filed by businesses. When businesses file for Chapter 11 bankruptcy, they will come up with a plan for how they can continue operating while paying off their debt. This plan must be approved by both creditors and the courts. Chapter 12 bankruptcy applies specifically to family farmers and fisherman. This form of bankruptcy is slightly more forgiving than Chapter 13 bankruptcy and allows for higher debt limits. It allows debtors to potentially avoid selling all their belongings and refrain from foreclosing on their properties. Chapter 15 bankruptcy deals with international bankruptcy issues. It allows for foreign debtors to access the U.S. bankruptcy courts. Finally, Chapter 9 bankruptcy is another form of bankruptcy that establishes a repayment plan for debtors. This form specifically allows for towns, cities, and school districts to reorganize their debt and pay back what is owed. If You Think You Need to Declare Bankruptcy, Call Our Law Firm for Help Seek guidance from our experienced Philadelphia bankruptcy attorneys at Young, Marr, Mallis & Associates by dialing (609) 755-3115 for a free case assessment.

 TD Pelmedia has an article about bailout packages for small business. The article can be found athttps://tdpelmedia.com/federal-government-bailout-packages-for-small-businesses-what-you-need-to-know/At Shenwick & Associates we help many clients with too much debt or not enough capital.Jim Shenwick, Esq.   917 363 3391  jshenwick@gmail.comPlease click the link to schedule a telephone call with Jim Shenwickhttps://calendly.com/james-shenwick/15min

The money held in your 401(k) is yours to withdraw, provided you are fine with incurring a tax on withdrawn funds if you have not yet reached retirement age. That doesn’t mean that debtors should borrow funds from a 401(k) to pay off debts in an attempt to avoid bankruptcy. You can withdraw funds from your 401(k) to avoid filing for bankruptcy if you want to. However, those withdrawn funds might incur a 10% tax, impacting your retirement account more than you might have anticipated. If you instead file for Chapter 7 bankruptcy, you can protect your 401(k) by claiming federal or state exemptions. While Chapter 13 bankruptcy requires repayment over several years, debtors shouldn’t have to borrow from a 401(k) to meet payments as they are determined by a debtor’s income, not retirement assets. To schedule a free and confidential case evaluation with Young, Marr, Mallis & Associates, call our Pennsylvania bankruptcy lawyers today at (609) 755-3115 or (215) 701-6519. Can I Borrow Money from My 401(k) to Avoid Filing for Bankruptcy? If you are dealing with overwhelming debt and do not have a sufficient income to meet payments on time, leading to more debt, know that turning to your 401(k) is unnecessary. While debtors can borrow from a 401(k) to avoid filing for bankruptcy, doing so is typically not a good idea. The most amount of money many people have at any given time is held in their 401(k) plans or other retirement accounts. These accounts are meant to fund your future as you age, not to support you financially before retirement. Because of this, borrowing money from a 401(k) before a person has reached a certain age will likely come with taxes. People who withdraw funds from a 401(k) before they reach age 59 and a half will incur 10% tax on withdrawn funds. This is because any money borrowed from this type of account before retirement is considered an unqualified withdrawal. So, to borrow money that will address debt if you are under the age threshold, you will have to withdraw more money than you actually need to account for the 10% tax. This might ultimately deplete your retirement account. That said, borrowing from your 401(k) might seem like the only option if you do not have disposable income to put toward paying off debt. To make it so that you do not have to borrow from your 401(k), our West Chester, PA bankruptcy lawyers can assess your finances to determine whether bankruptcy might suit you. Upon looking at your financial situation, it might become clear that either Chapter 7 or Chapter 13 bankruptcy meets your needs and can help you manage your debt in a timely fashion. Will I Have to Borrow Money from My 401(k) to Make Payments While in Bankruptcy? While one type of bankruptcy, Chapter 7, satisfies debt via asset liquidation, another, Chapter 13, gets the same result through repayment plans. This method allows debtors to address debts via consolidated payments at lower interest rates. If your income is tight yet you still qualify for Chapter 13, you shouldn’t have to borrow from your 401(k) to meet scheduled payments. Debtors that file for Chapter 7 bankruptcy won’t have to worry about borrowing from a 401(k). Instead, they will repay creditors by liquidating their assets, and retirement accounts are typically protected from liquidation. Chapter 13 bankruptcy is a different story. While you won’t have to liquidate your assets to pay back creditors, you will have to repay them using a repayment plan. To qualify for this type of bankruptcy, your income has to pass a means test. Income doesn’t include 401(k) plans, so the money in your retirement account won’t be considered when determining the amounts of your monthly payments. That said, things can change during the three to five years you are under Chapter 13 bankruptcy. You might lose your job or have a change in income that alters your ability to make scheduled payments. Instead of borrowing from your 401(k) in this instance, our attorneys can take a second look at your repayment plan and adjust it so that you can make payments according to your new income. Do not assume that you should have to borrow from your 401(k) at any point during bankruptcy, as you may be able to safeguard those funds. Can I Protect My 401(k) if I File for Bankruptcy? While many people view bankruptcy as a scary thing that should be avoided at all costs, it can be used to help debtors protect certain assets, like 401(k) plans, from creditors seeking repayment. Filing for bankruptcy can allow you to settle your financial difficulties now so that you don’t have to deal with them later. When you file for bankruptcy, you can take intentional steps to protect your 401(k). Our attorneys can help you claim exemptions if you file for Chapter 7 so that your 401(k) is not vulnerable to liquidation. While 401(k) plans are generally protected from seizure from certain creditors, other retirement accounts may not be given the same protections. In fact, IR As and Roth IR As are typically only protected from seizure when debtors file for bankruptcy. Risking the safety of your 401(k) because you want to avoid filing for bankruptcy might result in you borrowing from your account at high rates, ultimately leading to an unsatisfactory outcome. Filing for bankruptcy provides you with the time and resources to make a plan moving forward that addresses your financial situation in its entirety so that you do not have to borrow from your 401(k) or jeopardize its ability to support you financially into your retirement. Speak with Our Lawyers Today About Filing for Bankruptcy For a free and confidential case evaluation with Young, Marr, Mallis & Associates, call our Philadelphia bankruptcy lawyers today at (609) 755-3115 or (215) 701-6519.

 ● Jim Shenwick, Esq has  a specialty in commercial leasing (he has represented over 300 tenants and landlords in commercial lease negotiations).   ●Representative Manhattan transactions include the following: (a) represented over 250 commercial tenants representing office space in Manhattan, New York City.●Represented a Landlord who leased retail space to a Gap store in Midtown East, (b) Represented a Landlord who leased space to a coffee chain in the East 20’s, (c) Represented a private equity fund that leased office space in 7 Time Square Tower, (d) Represented a hedge fund that leased office space at 590 Madison Avenue, (e) Represented an Internet social marketing company that leased space on 23rd Street, (f) Represented a Landlord in Soho who leased space to a restaurant and food store, (g) Represented  an art gallery that moved to the West 26th Street art district (h) Represented a hair transplant doctor who leased space for an upscale hair transplant facility on Madison Avenue and (i) Represented a chain of pizza stores who leased space throughout NYC and Long Island,● Jim Shenwick, Esq. has written on the assignment/subletting of commercial leases, questions tenants need to ask Landlords before signing a commercial lease, “silent” commercial lease issues not dealt with in standard lease forms and hidden costs in commercial leases.  ● Jim Shenwick, Esq. also spoke at the Association of the Bar of the City of New Yorkon commercial leasing issues for tenants. At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores.  Any clients having questions about commercial leases should contact Jim Shenwick, Esq.   jshenwick@gmail.com  917 363 3391  Please click the link to schedule a telephone call with Jim Shenwickhttps://calendly.com/james-shenwick/15min                                                               

  1.                  Tenant should be permitted signage (at no cost)  in building lobby directory, elevator, floor and door (window signage flag should be permitted for retail)  2.                  Tenant should have the right to make deliveries to the premises at any time of the day for retail use 3.                  Sidewalk maintenance & repair should not the responsibility of the retail tenant, other than snow removal  4.                  Prior approval of private carter for retail Tenant.  5.                  Tenant not have to pay Landlord’s  expenses for initial renovation plan review  6.                  Tenant's renovation plans should be approved by Landlord prior to Tenant signing the Lease                     and the standard of review by Landlord should be "NUW"-not unreasonably withheld.  7.                  Water for sink and toilet should be provided at no cost to Tenant and bills for other water uses                    should be by direct meter.  8.                  Heating should be provided to Tenant even if there is in default under the lease.   9.                  Vault taxes, if any should be the responsibility of Landlord not Tenant. 10.              Obtain a  copy of the c/o for the premises and review prior to signing the Lease. 11.              Insurance rider should be sent to insurance agent for review and comment before the Lease is signed.  12.              Construction clause, if any must be sent to the Tenant's architect for review. 13.              Brokerage clause must represent who is paying the broker and the accompanying indemnification clause  must be mutual 14.              Real Estate tax increases, should be paid over 12 months by Tenant At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Provided below is Part I of our Leasing Checklist.  Any clients having questions about commercial leases should contact Jim Shenwick, Esq.   jshenwick@gmail.com  917 363 3391  Please click the link to schedule a telephone call with Jim Shenwickhttps://calendly.com/james-shenwick/15min

 At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Provided below is Part I of our Leasing Checklist.  Any clients having questions about commercial leases should contact Jim Shenwick, Esq.   jshenwick@gmail.com  917 363 3391  Please click the link to schedule a telephone call with Jim Shenwickhttps://calendly.com/james-shenwick/15minLease Checklist:  1.                  Free rent?   How much? Tenant should receive 12 months rent at first year rate before rent increases in second year.  2.                  Are the premises in a land-marked building? (alterations are more difficult)  3.                  Request a  copy of the most recent tax bill and Tenant should only pay its pro rata share of taxes 4.                  Is the electricity direct meter, sub-meter or rent inclusion? 5.                  Assignment and sub-let provisions should automatically be allowed: (a) Tenant’s sale of its business, (b) merger of its business, (c) Tenant goes public, (d) assignment of  its lease to a related entity or division  6.                  Non-structural alterations should be allowed as a matter of right to Tenant  7.                  Interest on security deposit should go to Tenant without request or notice once per year and security deposit should be returned to Tenant 30 days after lease ends  8.                  Landlord should expressly consent to Tenant's particular use and assist Tenant in getting a liquor license (for a bar or restaurant)  9.                  If the premises have a sprinkler installation, who pays for monitoring, and maintenance?  10.              What is the electricity capacity of the premises wiring? Landlord should make a representation in the lease to the electrical capacity and the capacity should be sufficient for Tenant's business (important for a manufacturing or service business).Check our Blog for Part II of our Leasing ChecklistJim Shenwick, Esq