What happens to unfulfilled contracts?

Minneapolis Bankruptcy attorney Steven Silton discusses how unfulfilled contracts can be remedied in creditor debtor issues.

Contact Steven Silton

Email: [email protected]

Phone: (612) 260-9003

Transcript:

Unfulfilled contracts are dealt with very, very similarly as leases. And the debtor has the right to either assume the contract and make payments pursuant to the existing contract, or they can reject the contract at which point the party will have an unsecured claim, but the debtor will no longer have any obligations under the existing contract.