What do I do with any unexpired leases or contracts when filing for bankruptcy?

When you file for bankruptcy in California, any unexpired leases or contracts will be dealt with according to Federal Bankruptcy Law. This law states that if you are a debtor in a lease or contract, you will be allowed to either choose to reaffirm (continue paying) or reject the lease or contract. If you choose to reaffirm a contract or lease, you must do so in writing, and the court must approve it. If you choose to reject the lease or contract, the court will cancel it and you will no longer be legally responsible for it. However, if you fail to keep up with payments on a lease or contract after it is approved by the court, you could face repossession or legal action. When filing for bankruptcy, you may also be able to work out an arrangement with the creditor regarding the lease or contract. This could involve discounts, extending the terms of the lease, or other options. This can be beneficial because it allows you to continue with the lease or contract while also staying in compliance with federal bankruptcy law. It is important to understand how the bankruptcy process works and how it affects unexpired leases or contracts. If you have any questions about the process, it is best to seek legal advice from an experienced bankruptcy attorney.

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What do I do with any unexpired leases or contracts when filing for bankruptcy?

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