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The Vital Role Played by Contracts in Bankruptcy Law

An executory contract allows a debtor to slowly pay off his or her debt obligations through smaller installments that are easier to manage. These contracts most often outline a payment plan for large assets such as land, houses, and cars.

In this video, you will learn how a lender decides to accept the terms of an executory contract. To find out details about the debtor’s financial circumstances, a meeting will take place between both parties. In this meeting, the lender will ask some questions about the debtor’s current assets, income, and debt obligations.

http://www.youtube.com/v/Xyx_bbK5-tE?hl=en&fs=1

Hiring an experienced bankruptcy attorney can help you navigate this important legal process. To speak with the legal team at Cutler & Associates, Ltd., call (847) 849-1834.

More from Cutler & Associates, Ltd.: Executory Contract, bankruptcy attorney, Cutler & Associates

Categories: Bankruptcy Blog

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