Instead of filing for BK, can we...

[steven22]

My parents business sank alot... and we are about to close up shop and originally though of filing BK but realized that our assets being lost (second property , vehicles) isnt worth it

the only big debt that we have is the equipment lease that the business has... it is a 350k lease for 67 months (at the end of which we have 0 equity in)

and some 40k worth of credit card expenses which my parents dont mind paying off on their own.

are we able to tell the leasing company to take away the machines because the business is broke and we are closing down? Kind of like how a car gets repossessed by the bank?

we havnt paid the leasing company in 3 months (we told them there are insufficient funds , but all they do is give us an extension. )

but now its time to close up for good. we dont want to continue paying rent and rack up even more bills.

what are the options?... will the leasing company sue us for anything?

[NowImDownInIt]

I don't know the answer to this, especially in a leasing situation, but I can tell you that when a car is reposessed then sold at auction the debtor still has a responsibility for the difference. Y'all may still be responsible for what's left on that lease.

[Flamingo]

You will have to get a copy of that lease and review it's terms. It's all spelled out in there somewhere if there is a default in payment.