Legal Question in Credit and Debt Law in Ohio

Re: Reposessed

In most circumstances, leased vehicles are treated similar to a rental. The lease has no value. Depending on the lease contract you signed, some companies may try to collect the remaining portion owed to fulfill the lease contract. Therefore, the asset needs to be listed in your petition and the lease either "rejected" or "assumed." When you file bankruptcy, the Trustee will also make the decision to "reject" or "assume" the lease.

Keep in mind that every bankruptcy is unique. What may happen to the treatment of one person's debts, may not be the same for another. I sincerely hope this information aides you in understanding your problem. Feel free to visit my website at http://www.jaymaynard.com for additional information about consumer bankruptcy.