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Whether owned or owed, the contractual obligations contained within
uncompleted contracts must be reported to the court. The terms of a
contract may be either an asset or a liability, and in either case must
be listed with a bankruptcy debtor's schedules. Similarly, a lease of
real or personal property may represent an obligation for payment or
entitlement to receipts. Even though contractual rights may be disputed,
and future performance doubtful, the potential for affecting net worth
of a debtor requires disclosure. And of course, contractual liability,
even remote, is subject to discharge.
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