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No matter how financially sound your tenants seem at the start of a lease, there’s no guarantee they will stay that way. So it’s important to take all possible steps to protect yourself. Once a tenant files for bankruptcy, bankruptcy laws control what you can collect from the bankrupt tenant or its court-appointed trustee and what it can do with the tenant’s lease. As a result, you could end up losing a lot of money or having to deal with an undesirable third party in the tenant’s space.
