Transfer Car lease before bankruptcy?

May 24th, 2006 by Questions

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.


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.

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