Leased Vehicle and Bankruptcy
I have looked through so many blogs and bankruptcy sites in the last few days and have seen nothing with regards to leased vehicles. I have to claim bankruptcy as I am so far into debt that I will never come out of it but I lease a vehicle and it is not due to be returned until November 2008. Will I be able to keep my vehicle or will I be forced to return it early and pay the remaining months out? Any info or link to information regarding this would be greatly appreciated. Thank you.
Keep the payments up to date – keep the car.
If you have any doubts, call the leasing company yourself before you file and ask them – they will tell you the same thing.
Just be careful though. We filed a consumer proposal about a year before our leased vehicle was to be returned. We DID NOT include it in our proposal and continued to pay for it until we returned it. We were overmileage and to get into another lease would have had to make large payments…long story short, we now owe GMAC $7000 and are likely facing bankruptcy because of it….hindsight I would have included it into our proposal and gotten rid of that debt as well.
I posted a couple of questions on September 7 – answers might help you out.
they won’t necessarily show up on this page – click the september button on the left hand side
good luck