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

When filing for bankruptcy in Texas, it’s important to be aware of any unexpired leases or contracts that you may have. When filing, you must include these in your bankruptcy filing and notify the creditor so they are aware of the bankruptcy filing. When filing bankruptcy, you can either choose to retain the lease or give it back to the creditor. If you wish to keep the lease, you will have to continue to make payments to the creditor as required by the lease agreement. If you wish to surrender the lease or contract, you must do so in writing and notify the creditor that you are surrendering the lease because of bankruptcy. In either case, it is important to note that you will still remain liable for the lease until the creditor agrees to accept the surrender or the bankruptcy court issues an order of discharge from the debt. This means that the creditor can still take legal action against you if you do not make payments on the lease. It is always a good idea to consult with a qualified bankruptcy attorney when considering filing for bankruptcy. Your attorney can help guide you through the process, provide advice on the best way to handle unexpired leases or contracts, and help you understand your rights and obligations under Texas bankruptcy law.

Related FAQs

Are there any assets that I cannot keep after filing for bankruptcy?
What is bankruptcy?
What debts are dischargeable in bankruptcy?
How do I know if I qualify for a Chapter 13 bankruptcy?
Are there any sites where I can get reliable information about bankruptcy law?
Can I get a loan after filing for bankruptcy?
What debts can I discharge in bankruptcy?
How do I convert my bankruptcy case from a Chapter 7 to a Chapter 13?
Can I keep my home when filing for bankruptcy?
How can I protect co-signers from being affected by my bankruptcy?

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

Related FAQs

Related Blog Posts