General Bankruptcy Questions
March 11th, 2007 by Questions
We live in Ontario. We believe that we have no choice but to file bankruptcy. We owe over $40,000 in credit card debt and cannot make the minimums. We have a mortgage of $236,000 as well as a lease from Chrysler Credit.
We have 2 main questions.
First, there is only 1 year left on our lease from chrysler. We have never missed a payment or been late. We have read that we could keep our lease during a bankruptcy, but what we would like to do is go lease another vehicle with say Ford Credit BEFORE we file for bankruptcy so that we would have a vehicle for at least 4 years because we know it will be difficult to get credit after discharge. We would let the Chrysler vehicle go in the bankruptcy but would want to keep the new Ford. The question is – would Ford credit allow us to keep the leased vehicle once we file for bankruptcy – say in about 2-3 months or would they take it simply becuase it is a “new lease”?
Second question – our mortgage has 2 years left on the term, we have never missed a payment and never been late. Will they consider renewing in 2 years after our discharge if our payments remain on time? What are the odds of them “non-renewing”? The mortgagor is Wells Fargo.