March 14th, 2007 by Questions
I have a leased vehicle that i can no longer keep up payments on. So far, to date i haven\’t missed a payment, but other bills are suffereing for this.
I would like to do a voluntary repossession and just hand in the vehicle as i can no longer afford it. I have 18 months left on the lease and can\’t get anyone to take it over.
I am contemplating filing for bankruptcy and may do so in a few months if things don\’t get better.
If i do a voluntary repossession, what will happen besides wrecking my credit (if i file for bankruptcy my credit will be ruined anways)? I am worried about being sued or them coming after any assets – i own a home but there is no equity in it. How long is the process for them trying to sue me or me having to go to court – will i still be able to file for bankruptcy after the fact?