top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Lease Car before BK-What's the Worst that can Happen

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Lease Car before BK-What's the Worst that can Happen

    Hello All,
    If I file BK approximately 7 months after signing a 39 month lease on a vehicle and want to continue the lease after BK, what is the worst that can happen? What is likely to happen?

    I am talking in terms of the Automaker's actions.
    Thank you

    #2
    If your lawyer feels a reaffirmation is in your best interest and, the lender agrees to reaffirm you just keep paying and remain responsible for the payments.
    The worse that can happen is, you reaffirm and can't make the payments post bk and the car is repo'ed and you are on the hook for a deficiency balance.

    Comment


      #3
      I believe you could also do a ride-through. Depending on your state's repo laws, they cannot repo your car (even in the absence of a reaffirm agreement) unless you fall behind on payments. According to our lawyer this is the case in our state

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X