Auto Lease Repo and Bankruptcy?
Chris B asked:
My attorney advised me to stop paying for the auto lease i currently have while i am filing for my Chapter 7 bakruptcy. He said id be able to keep the auto for a bit longer this way instead of having to include it into the bankruptcy. But i have been reading that i will have to pay differences of value for a repo. Is this true with leases? I am going to ask my attorney as well, but i always like other responses to make sure i am going in the right direction with this attorney. Thanks.
My attorney advised me to stop paying for the auto lease i currently have while i am filing for my Chapter 7 bakruptcy. He said id be able to keep the auto for a bit longer this way instead of having to include it into the bankruptcy. But i have been reading that i will have to pay differences of value for a repo. Is this true with leases? I am going to ask my attorney as well, but i always like other responses to make sure i am going in the right direction with this attorney. Thanks.
Well, I certainly wouldn’t want to give you different advice from that which your attorney gave. For one thing, I’m not an attorney and can’t give legal advice at all, and for another thing, your own attorney is the one who has ALL the facts and documents in front of him/her and should be not only the most qualified but also have the best information about your particular case in your particular district.
That said … something about this does’t sound right. You do have to “include” leased vehicles on your bankruptcy schedules, whether or not you are continuing to make the payments.
I’m guessing that there may have been a communication problem somewhere along the way between you and your attorney. I would strongly suggest that you get back to your attorney to clarify, and make sure that everybody is on the same page. It is NEVER inappropriate for a client to ask for explanations or clarifications of things that “don’t sound right” or that the client doesn’t understand.
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