Property Insurance. One type of policy that for most people that is actually mandatory to have is homeowners insurance when you have a mortgage. If you borrow money from the bank to purchase a home they will require the asset to be insured. For many people,â this insurance premium is built into the mortgage payment.
Adversary Proceedings in Bankruptcy. An adversary proceeding in bankruptcy is a separate lawsuit filed within the bankruptcy case. Like most lawsuits, it starts when someone (the creditor, the bankruptcy trustee, or you) files a complaint. Many bankruptcies go through to completion and discharge without any adversary proceedings. But not so in others.
In Chapter 7 bankruptcy, the trustee can assume or terminate unexpired leases or executory contracts. Learn more. If you have an unexpired lease or executory contract when you file for Chapter 7 bankruptcy, the bankruptcy trustee may assume or terminate the lease or contract. Read on to learn what it means to assume or terminate a lease, how likely it is that the trustee will assume your lease, and what happens if you want to terminate the lease.