FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Transfer Car lease before bankruptcy?

The lease on my car comes up this August ’06 and I find myself in a situation that may require me to declare bankruptcy.
A family member is willing to take over the lease and will probably buy out the car when the lease is over.
I have a an 8000.00 security deposit on the vehicle and the buy out amount is 6200.00
Would this be a legitimate move if I’m forced to declare bankrupcy in the next few months?
I cannot make the payments and am currently unemployed.
Would this be seen as hiding assets if I am not sure if I’ll have to declare bankruptcy??
Thanks for your help.

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One Response to “Transfer Car lease before bankruptcy?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This sounds legitimate as there truly is no value to the vehicle if you cease making payments, but I would suggest you discuss this with your trustee to ensure that he reviews the specifics of this transaction and sees no reason to be concerned.