executory contracts bankruptcy
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Received “Motion to Assume Executory Contract(s) and Unexpired Leases” from tenant filing Ch. 13 bankruptcy?
We have an investment property and apparently our tenant just filed for chapter 13 bankruptcy.
We just received this letter from their lawyer with “Motion to Assume Executory Contract(s) and Unexpired Leases” checked off:
Assume or Reject: Assume
Amount of Arrearage paid in Plan: 0.00
I’m guessing that we’re just getting this form as a formality because our tenant’s rent is paid up (doesn’t owe us anything).
We are wondering what this means? Hopefully she’ll still pay her rent going forward.
It means that your tenant intends to keep his or her lease agreement with you and keep making payments.
Depending on how your tenant’s Ch 13 Plan is written, you may receive your future rent payments from the Ch 13 Trustee rather than directly from the tenant.
Bankruptcy Questions : What Is an Executory Contract & Breach?
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Trade Creditor Remedies Manual: Trade Creditors’ Rights under the UCC and the U.S. Bankruptcy Code This Manual is a comprehensive guide to understanding the remedies available under both the Uniform Commercial Code and the Bankruptcy Code to trade creditors dealing with a financially troubled customer. The Manual discusses a goods seller’s UCC rights to demand adequate assurance of performance from a financially shaky customer, stop delivery of its goods from an insolvent or defaulting customer… |
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Redesigning a Cheshire cat: Legislative reform for treatment of executory contracts in bankruptcy … |
