i want to file bankruptcy but i understand that bankruptcy discharges contracts i dont want to lose my car lease, my sister is on it with me and she is not filing bankruptcy, will that stop them from taking my leased car?
Answered on: 8/23/13, 11:13 pm by Peter Lago
You won't lose your car lease if you reaffirm it and state so in your petition. Your options would be to let the car go and be discharged of the lease obligation (but your sis would still be on the hook) or reaffirm the lease and continue to be responsible for it even after your BK case is closed. They will not repossess the car as long as you pay according to your lease agreement. If you default on the lease the bank will repo the vehicle and sue you for the deficiency as if no BK ever occurred.
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Peter L. Lago, Atty at Law 8350 Florence Ave., #200 Downey, CA 90240► Other answers from this attorney