How does a leased car get dealt with in a personal bankruptcy? Would I have to surrender the car if I go bankrupt? Or how would this be dealt with?
Leased Vehicle
Posted on Wednesday, February 13, 2008
posted by Questions @ 3:55 pm
1 Expert Comment:
At February 15, 2008 |
12:29 pm
, Barton Goth GCO Bankruptcy Trustees Said...
Technically this is up to the person who has done the financing for the lease. If they agree to you keeping the car then it is no problem.
In practice we find as long as you can afford the monthly payment and are up to date with the payments then you don’t have to worry as the lender will typically prefer you to retain the vehicle and continue to make payments as originally contracted.
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