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

When filing for bankruptcy in Indiana, you will need to consider any unexpired leases or contracts that you have with other individuals or businesses. It is important to remember that the bankruptcy process will not always cancel existing leases and contracts. Depending on the type of lease or contract, you may need to continue to meet the terms of the agreement if it is not terminated by the other party or modified in accordance with bankruptcy law. If a lease or contract is a “personal service” contract, it can be cancelled under bankruptcy law. This means that the other party cannot take legal action against you for breaking the lease or contract. Examples of personal service contracts include employment contracts, insurance contracts, and health care contracts. If the lease or contract is not a personal service contract, then it may be considered an “executory contract” that could still be enforced or modified in accordance with bankruptcy law. In this case, a bankruptcy court could decide if you need to continue to meet the terms of the agreement or if it can be changed or cancelled. If the court decides that the lease or contract cannot be cancelled, you will need to continue to meet the terms of the agreement. When filing for bankruptcy in Indiana, it is important to be aware of any unexpired leases and contracts that have not been cancelled by the other party and to know the laws that apply to them. By understanding the terms of any agreement that you have with another person or business, you can make the best decision for your financial situation in bankruptcy.

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

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