I just had my 341 meeting of the creditors and I did not reaffirm my car lease and I only have two payments left until my lease is up. If I don't make my two remaining payments and they come and repossess the car....will that still be included in bankruptcy or will that show as a repossession on my credit report.
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Hello....Anybody? -
Thanks cjlane17Comment
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Hi Jason,
If the leaseholder was a creditor in your BK, then you are off the hook but the leaseholder gets the car back. If you keep it and they have to repossess it, that is post-BK, expect it to show up on your credit report. Like cjlane said, the BK is going to sink your credit score to the bottom, the repossession won't do too much, you can only go so low.
There is one thing that can make a difference, besides the credit score, some auto lenders look specifically for any negative entries that are car-related.
Hope your car situation works out for you,
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
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Tcreegan...should I just go ahead and turn the car in since my lease is almost up? I don't think I can make my two remaining payments.Comment
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That is the best course of action, though I imagine you would have some time, they aren't going to repo the day after a missed payment...Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
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