Car lease question

[Taxed]

I did a search, and I was unable to find an answer to this question...

When you are leasing a car, and in Chapter 7, you can either assume or reject the lease. If you mark on your BK paperwork that you intend to assume the lease, do you have to sign some type of assumption agreement with the car leasing company in order to make it official or is marking it as assumed on your BK paperwork sufficient? I guess I'm wondering if you mark it that you intend to assume, and do not sign any additional paperwork, if you can still get out of the lease at a later time without ramifications (early termination, over mileage charges, etc...). Anyone have any experience with this?

[StartingOver08]

It looks like you need to go through the reaffirmation process in a Ch 7 to assume the lease according to the article below. If that is the case, then that gives you an additional option of electing to Reaffirm your lease in your Statement of Intentions and then just not signing the reaffirmation agreement. If you chose to not sign your reaff agreement then you are doing a 'ride through'. Some districts allow this and others do not. It gives you a little more freedom after your discharge if your reaffirmation is not actually signed and filed with the court. Check to see with your attorney how your district handles 'ride through's'.

Assumption of Car Leases in Chapter 7
By Nicholas Ortiz, Boston Bankruptcy Attorney on Feb 26, 2007 in Bankruptcy Cases & Legislation, Bankruptcy Practice and Procedure, Massachusetts

Section 365(p)(2) of the Bankruptcy Code now permits individual chapter 7 debtors to “assume” leases of personal property (like cars). Formerly, only the trustee could assume leases in Chapter 7. This has significance for debtors who lease a car and want to maintain the lease during and after a Chapter 7 case. The process of such assumption has recently benefited from some judicial explication. In the recent case of In re Creighton, 2007 WL 541622 (Bkrtcy.D.Mass. 2007) Judge Somma held that a debtor seeking to assume a lease had to do so in accordance with the reaffirmation procedures of Section 524. These provisions have been made more complex under the new code so the assumption of consumer leases should be accomplished with the advice of counsel.

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