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Leasing an automobile to maintain employment

Is a person who has declared bankruptcy allowed to lease an automobile in order to maintain employment? The lease would be for the duration of the period established by the Consumer Proposal?

Posted from: Ontario

One Response to “Leasing an automobile to maintain employment”

Barton Goth GCO Bankruptcy Trustees said...

There is nothing preventing someone who has filed a bankruptcy or a proposal from leasing a vehicle. However, it is not up to the trustee, it is up to the lender. You will have to find a lender who is willing to work in your situation and usually this isn’t to terribly hard. However, most lenders will require you to pay a premium as you will be perceived as a “credit risk.”

Remember if you are in a bankruptcy you are also legally obligated to disclose the fact that you are in a bankruptcy currently.