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When either a landlord or tenant files for bankruptcy, there are two things that can happen to the lease. The landlord or tenant (actually, the trustee) can either: assume the lease, that is, allow the lease to continue in effect, or. reject the lease, which essentially terminates or cancels the lease.
The courts usually grant such requests, which means that eviction proceedings can resume. Now the seller is a creditor and must act as any creditor in a bankruptcy case does and file proof of a claim. The issue then arises as to whether the land contract may be rejected as an executory contract by the bankrupt vendee.