Executive Contracts

[doomed]

Anyone know anything about them? I signed a contract that would have me making over $2k/month (possibly). I may never make a dime, or I might make $2k/month over the course of a year. Either way, I wouldn't see a dime for a few months. This contract is between me and the second party and isn't filed in a court or anywhere.

My atty is saying we have to include this contract, and its likely they'll take every dime I receive from it.

Anyone familiar with these?

[justbroke]

It's an Executory Contract. The Trustee can step into your shoes and reap the benefits of the Contract. I have not read where a Trustee will do this unless it's something tangible. For example, they can't take proceeds from a contract you haven't completed or even started.

However, if it was a performance contract, and you already performed the work, and are only waiting to be paid, this is property of hte Estate.

Yes, you do need to list Executory Contracts and what you will do with them (reject or assume).

[doomed]

Sorry! Thanks for the correction. I misunderstood him.

The contract is a surrogacy contract and I haven't received anything from it yet, but may within the next month or two.

[justbroke]

The contract is a surrogacy contract and I haven't received anything from it yet, but may within the next month or two.

Most of proceeds from that is for wellness, or is that covered in the contract separately? I don't think the Trustee can take money for "future" performance. This is a performance contract. The Trustee would only be able to reach value that you've "earned" as of the date of filing.

[doomed]

Thanks, justbroke! I hope thats how it works. My lawyer was saying he could take every dime until I don't receive it anymore.

[justbroke]

Thanks, justbroke! I hope thats how it works. My lawyer was saying he could take every dime until I don't receive it anymore.

I can't understand how. It would be like taking all your future income from a regular job. However, what your attorney says may have some merit. If the contract doesn't specify how it is paid out and just reads like $20K for this... the Trustee might try to take it.

However, I, personally, would fight the Trustee. It's pay for performance. The right to receive it is only guaranteed by the fact that the fetus remains viable. Right?

[doomed]

That's what I was wondering as well -- they're not gonna take all of my husband's future wages? And how messed up would that be . . it's not like it's a job I can quit once I started . .