Legal Question in Bankruptcy in New York

bankruptcy

I filed bankrupcty in Aug 2008 chapter 11. I got to keep my house, home equity loan, and i still leasing my car.. Question is what would happen if I can't afford my lease on the car which ends feb 2010. I know they can repo it ...


Asked on 6/17/09, 9:40 am

1 Answer from Attorneys
jeffrey lazroe Jeffrey A. Lazroe attorney at law

Re: bankruptcy

First they would have to apply to the court for permission to repossess the car. If they are successful then they can sell it at auction. The amount that they get at auction would be far less than what you would owe. You would then be responsible for the difference.

Why did you file chapter 11. The cost is prohibitively high in both filing fees and legal fees?

If you need further legal fees, please feel free to contact me.

Read more
Answered on 6/17/09, 2:38 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New York