So if I have say a 2008 acadia that is worth $35000, would I be able to keep that as my husband has the 1/2 ton( that is worth about $4000). I use this vechile to drive back and forth to work everyday. I heard that just as of last year if you were leasing a vechile as I am it is exempt? Thank-you!
Vechile more than $5000 and bankruptcy
posted by Questions @
1 Expert Comment:
At March 12, 2010 |
12:11 pm
, Bart Goth, Trustee in Bankruptcy Said...
A lease vehicle ultimately operates outside of bankruptcy. What happens with a lease is you don’t have an ownership interest in the vehicle, you simply are paying for the privilege of use. Because there is no equity in the vehicle the lease agreement will essentially operate outside of the bankruptcy process and as long as you continue to make your payments on the vehicle you will be able to keep the vehicle.
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