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February 2018 Archives

What is an executory contracts in a business bankruptcy?


Many Tennessee businesses that are considering bankruptcy have a number of continuing contracts, such as a supply contract, a real estate lease or any contract in which both parties have unperformed obligations. The bankruptcy code accords such contracts, known as executory contracts, a special status: the debtor in a business or commercial bankruptcy may either affirm or reject any such contract. The central question faced by debtors and their contracting partners is whether a given agreement is, in fact, an executory contract.

What happens to one's house if they file a bankruptcy petition?


One of the first questions asked by Tennesseans contemplating filing a bankruptcy petition is, "What happens to my house?" The answer depends on which chapter the Bankruptcy Code is used to seek relief and on the debtor's personal financial situation.