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Absolutely. Even if you want to break the lease you should list it in your bankruptcy petition. If you do want to break the lease, you'll have to surrender the leased property and whatever liquidated damages would become an unsecured claim in your bankruptcy.
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Bankruptcy is pretty much an all or nothing deal. You can only file on *all* your debt; you can't pick and choose.
Generally speaking, it is unnecessary and inadvisable for most businesses to file for Chapter 7 bankruptcy. This is because a business does not receive a Chapter 7 discharge of debts, as individuals do. Only where there are assets and you want to see them allocated to taxes, or you want an orderly distribution of assets, does it usually make sense for most small businesses to file for Chapter 7. Brett Weiss brett@BankruptcyLawMaryland.com 2 people marked this answer as good
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