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

When filing for bankruptcy in Hawaii, you may need to consider any unexpired leases or contracts that you are currently involved in. You have a few options with how you should handle these. Firstly, you may assume the lease or contract. This means you can continue to make payments on the lease or contract, as long as you keep up with the payments and follow the terms. Secondly, you may reject the lease or contract. You still keep ownership of the lease or contract, but the creditor can no longer hold you responsible for the payments or the terms. Thirdly, you may assign the lease or contract. This is when you transfer the lease or contract to someone else, letting them take over the payments. Lastly, you can surrender the lease or contract. This means you are no longer affiliated with the lease or contract, and the creditor can choose to take possession of whatever property it was that was leased or contracted. Be sure to discuss any unexpired leases or contracts with your lawyer, accountant, or other financial advisors before making a final decision. Considering them during your bankruptcy process can help make sure that you are making the best decisions for your future.

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

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