Question about a note secured by future income

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hsegal

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I am a landlord of a single-family house with a lease coming up for renewal. The tenants are having financial difficulty, but they are wonderful people and I'd like to make it possible for them to stay, even if they can't pay the full amount of each payment.

What I'm thinking of doing is allowing them to pay as low a $x per month and the difference between the amount due and $x would become a note payable to me in the future with a set interest rate.

My understanding is that secured notes can't be wiped away by bankruptcy, so this note would be secured by the future income of the tenants.

My question is: would this note indeed survive a possible bankruptcy?

Thanks,
Hal Segal
 
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