Keeping a lease car after filing

[Printer099]

I have a leased vehicle I am current on, if I file a Ch 7 will I be able to keep the vehicle and assume the lease as long as I am current?

[lrprn]

I have a leased vehicle I am current on, if I file a Ch 7 will I be able to keep the vehicle and assume the lease as long as I am current?

Be sure to check with an experienced lawyer in your area about this. Given the limited information you've provided here, it's very likely that your car lender is going to require you to sign a reaffirmation agreement to guarantee you will continue to be financially responsible for paying the lease in total after you file. If you have no problem with that, then you should be able to keep the car after filing as long as you sign the agreement and keep sending in your payments on time every month.

[6ftladycop]

Keeping the Leased Vehicle after Bankruptcy......

Hey
I tried to get an answer to this question several times but I never got an answer. I sure am glad someone else asked the same question. I also have a leased vehicle. I have never missed a payment, but recently someone told me that the chapter 7 will not allow me to lease another vehicle once the lease agreement is up in 2yrs. This presented a problem for me as I use this vehicle to tranport my twin special needs children. I need reliable transportation to transport children(especially special needs) and also in order to pay my bills I still have to work and I work in a location that is so far away from my home until you just have to have a car to get there. Some jobs are way way out. So I wondered what would happen to us on the very last day of the lease agreement...will we be walking or will the bankruptcy people in charge of my case once I get it allow me to purchase the vehicle and continue to make payments?

Or will they allow me to lease another vehicle, probably cheaper, but get another one since its my only means of transportation?

[sofarindebt]

my lawyer told me something different

he said if you are current on a lease you don't need to sign a reaffirmation, in fact, he doesn't recommend it. Later down the road if you lost your job or something you wouldn't be responsible for the deficiency balance. Most leases won't require you to sign a reaffirmation.

[lrprn]

he said if you are current on a lease you don't need to sign a reaffirmation, in fact, he doesn't recommend it. Later down the road if you lost your job or something you wouldn't be responsible for the deficiency balance. Most leases won't require you to sign a reaffirmation.

Thanks for sharing, SFID. This may be one of those areas where there's differences between bk districts and their customs when leases are involved. Personally I wouldn't sign a reaffirmation if there's any chance that I might miss a payment before the lease is up.