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

When filing for bankruptcy in Maryland, it is important to know what to do with any unexpired leases or contracts. Generally, you can choose to either assume the lease or reject it. Assuming the lease means that you remain liable for honoring the terms of the lease, and the lessor remains entitled to receive rent payments as specified in the lease. This means you are agreeing to stay in the lease and remain responsible for the payments. Rejecting the lease means you are not liable for honoring the terms of the lease. The lessor would no longer be entitled to receive rent payments from you and you would have to terminate the lease. However, you may still be held liable for any damages incurred to the lessor as a result of your failure to pay rent. When it comes to contracts, you should review them to determine if they are assumable or rejectable. Assuming a contract means you are taking responsibility for any of the obligations contained in the contract, such as performance and payment for services. Rejecting a contract means you are not liable for any of the obligations contained in the contract. In either case, you may be held liable for any damages caused to the other party if you do not meet the obligations of the contract. In any case, it is important to consult with an attorney or financial advisor when making any decisions about unexpired leases or contracts when filing for bankruptcy.

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

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