This document addresses the question of Bankruptcy in pre-1989 agrements, stating specifically that the granting of relief under the Bankruptcy Code to any Party to this Agreement as debtor, this Agreement should be held to be an executory contract under the Bankruptcy Code, then any remaining Party shall be entitled to a determination by debtor or any trustee for debtor within thirty (30) days.
Maine Bankruptcy Pre 1989 Agreements
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Multi-State
Control #:
US-OG-696
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Word;
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How to fill out Bankruptcy Pre 1989 Agreements?
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FAQ
Pre-petition debt: All debt that you have incurred prior to your bankruptcy case being filed. You must list all of your Creditors and debt when you file bankruptcy. Pre-petition debt is the debt that we are expecting to be discharged as part of your bankruptcy case.
What happens to the contract? Under Code §365(a), the Trustee may elect to affirm and accept (assume) or terminate and surrender (reject) an executory contract or unexpired lease. Assumption requires court approval. Most courts will apply the "business judgment test" to determine if assumption is appropriate.
A debtor may reject an executory contract or unexpired lease by motion or operation of a chapter 11 plan. In larger bankruptcy cases, rejection notices often contain schedules listing numerous contracts to be rejected in a single pleading.
If a contract or agreement is not executory, it may be neither assumed nor rejected. Instead, the contract may give rise to either an estate asset or a liability?in the latter case, a claim that may be asserted against the estate by the non-debtor party.
It states that if the party in question experiences bankruptcy or any of a series of related circumstances, then depending on the contract, either the other party may terminate the contract or the contract will terminate automatically.
Assumption enables a debtor to retain in full force those contracts and leases it believes are favorable to it. Assumption is the opposite of ?rejection? of an executory contract or unexpired lease where a debtor opts to no longer perform (see Rejection of Executory Contracts and Unexpired Leases).
Any money that you owe under that lease or contract will be discharged (eliminated) along with your other unsecured debts (credit cards, medical bills, personal loans.)
If you are a party to a lease or contract and the other party files for bankruptcy, you must continue performing your obligations while the debtor determines whether to assume or reject your contract.
