Form B 108: What does "assuming" a lease mean?

[AmBee47]

In form B 108, Part 2, I've listed a small electronics lease that I've also listed on form 106 G. But then it asks a yes or no question: "Will the lease be assumed?"

What the heck does that mean? The lease in question is fully current and I will continue to pay it after the bankruptcy. What answer should I give?

[justbroke]

If you are continuing a lease then the answer would be "assume". Assumption is the term used when dealing with leases in bankruptcy; you either assume the lease or reject the least. A rejection is the term used to say that you don't want to continue and you want to legally cancel the contract under bankruptcy law.

Keep = assume
Give Back / Cancel = reject

[AmBee47]

Thanks very much, justbroke!