The statement "A trustee or debtor in bankruptcy has 120 days after the bankruptcy petition has been filed to either reject or assume leases" is:
- True
Explanation:
1. In bankruptcy proceedings, a trustee or debtor has a specific time frame to make decisions regarding leases.
2. Within 120 days after the bankruptcy petition is filed, the trustee or debtor must decide whether to reject or assume leases.
3. This timeline is crucial in bankruptcy cases as it allows for the management of lease agreements during the bankruptcy process.
Therefore, the statement is true as the trustee or debtor indeed has 120 days after the filing of the bankruptcy petition to make decisions about leases.
