leased car

What happens to a leased car when filing for bankruptcy. Am I able to keep paying and keep the car?

Posted from: Ontario

One Response to “leased car”

A licensed trustee said...

Whether or not you can keep your car if you file for bankruptcy is up to the leasing company. The current law allows the leasing company to cancel your contract if they want when you file – about 1/3 of all leasing companies do so. When you speak to a trustee tell them which company yuo are with and they should be able to tell you whether or not they’ll let you keep maiking your payments so that you may keep the car.

Of course, if you are behind on your payments they will cancel the contract so make sure you are current if you want to keep the car.