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Leased Vehicles & Bank Account

Both my husband and i are currently on a Leased Vehicle together. He primarily uses it for work, however i am wondering how the lease would be effected if i filed for personal bankrupcy and not my husband? He currently is the one who pays for the leased vehicle and not me.

Also, how does personal bankruptcy for one spouse effect a joint bank account? Would this effect my spouses credit or relationship with the bank? Can they refuse or blackmark our joint account from future business?

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One Response to “Leased Vehicles & Bank Account”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

As for the leased vehicle, typically in a joint situation such as this there is no real concern as long as you contact the leasing agent prior to the filing of a bankruptcy to clarify your intention to continue to make the payments. While it is not guaranteed they will allow you to keep the vehicle, if your current with the payments and have informed them of the expected bankruptcy and your intentions to continue, rarely is there any difficult.

As for the joint bank account this largely depends on whether or not you owe money to the institution you are currently banking at or whether or not you have an overdraft. This is an issue that I recommend you review with a licensed trustee.