Rent Stabilization—Bankruptcy—NY Court of Appeals Held That a Bankruptcy Debtor’s Interest In Her Rent Stabilized Lease is “Exempt From Her Bankruptcy Estate Pursuant to NYS Debtor and Credit Law [DCL] Section 282(2) as a ‘Local Public Assistance Benefit’”
ADEBTOR (tenant) lived in her rent-stabilized apartment for more than 40 years. After the death of her husband, the tenant owed credit card debt of approximately $23,000 and had filed for Chapter 7 bankruptcy. During the bankruptcy proceedings, “she remained current on her rent obligations. She initially listed her apartment lease on Schedule G of her bankruptcy petition as a standard unexpired lease.” Thereafter, the owner of the apartment offered to buy the tenant’s interest in the lease from the bankruptcy trustee. After the trustee indicated that he planned to accept the offer, the tenant “amended her filing to list the value of her lease on Schedule B as personal property exempt from the bankruptcy estate under DCL §282 (2) as a ‘local public assistance benefit.’”
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