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Can a debtor pick and choose which executory contracts they…

Can a debtor pick and...
Can a debtor pick and choose which executory contracts they want to either assume or reject in their bankruptcy schedule filing? Or do they need to assume all/reject all executory contracts.Also, is it bankruptcy fraud for a debtor to not list patent license agreements in a bankruptcy schedule filing under the executory contract section??
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Answered in 14 hours by:
2/17/2017
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Good morning. Yes, a debtor can pick and choose what contracts they wish to assume or reject, it isn't all or nothing. Second, yes, it may be grounds to object to discharge if the debtor does not disclose assets such as patent license agreements on schedule B or contracts/leases on schedule G

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
2,952 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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