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

When filing for bankruptcy in Virginia, you must address any unexpired leases or contracts you may have. If you have any unexpired leases that predate your bankruptcy filing, you must decide whether to assume, reject, or assign the lease. Assuming the lease means continuing the lease agreement with its original terms; rejecting the lease means breaking the lease agreement and relinquishing your rights to the property; and assigning the lease transfers your interest to another party. In the case of unexpired contracts, you must decide whether to assume, reject, or assign the contract. Assumption means continuing with the contract as if nothing has changed; rejection means that you no longer have any obligation to perform under the contract; and assignment is the transfer of your obligations and rights under the contract to another party. When making your decisions, you must consider whether the lease or contract is an essential asset to your business or not. You may find it beneficial to transfer the obligations or rights to a third-party. In some cases, the court may require the sale of any unexpired leases or contracts. Bankruptcy laws in Virginia are complex, so it is important to discuss any unexpired leases or contracts with a knowledgeable lawyer. Furthermore, you should keep all relevant documentation related to any unexpired leases or contracts in case the court requests them.

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

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