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

When it comes to unexpired leases or contracts in Wisconsin when filing for bankruptcy, there are a few important steps to take. If you’re leasing or renting property, you must notify the lessor of the bankruptcy filing. Next, you must decide if you want to continue the lease or contract or terminate it. The Bankruptcy Code allows you to assume or reject any unexpired lease you have at the time of the filing. If you decide to assume the lease, you must cure any defaults and remain current with the payments for the duration of the lease. If you reject it, turnaround time for discharge of liability is usually fast and the bankruptcy court will usually grant an order of relief. You must also determine if you have any unexpired contracts for goods or services. If you decide to assume the contract, you must abide by the terms. If not, you can reject it. At all times, you must keep up with your payments and obligations to the best of your ability. If you fail to meet your obligations, the court can revoke your bankruptcy discharge which could put you back in dire financial straits. In summary, when filing for bankruptcy in Wisconsin, it is important to notify the lessor of your filing and make a decision whether to assume or reject any unexpired leases or contracts. To remain on the right side of the law, you must fulfill all of your obligations in a timely manner.

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

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