Legal Question in Bankruptcy in California

Auto lease in Chapter 7 bankruptcy?

I am completing my own Chapter 7 bankruptcy. I am leasing a vehicle that I have no equity in. Am I required to list this as an asset and apply an exemption to it? And when I list the finance company as one of my creditors, what is my amount owed? Is it the payoff even though I am leasing?


Asked on 4/25/02, 4:48 am

2 Answers from Attorneys
Douglas A. Crowder Crowder Law Center

Re: Auto lease in Chapter 7 bankruptcy?

Here's what I recommend: List the value of the auto on Schedule B as an asset, but specify that it is a leased vehicle. List the amount owed -- meaning the total that you have left to pay under the lease on Schedule D, where you also list the leasing company as a secured creditor. Also list the creditor in Schedule G as an executory contract, and briefly summarize how much the monthly payments are, how long is remaining, and the payoff.

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Answered on 4/25/02, 10:17 am
Amy Ghosh Law Offices of Amy Ghosh

Re: Auto lease in Chapter 7 bankruptcy?

If you want to keep the car and want to keep on making payments......you should list it in "Chapter 7 Individual Debtor's Statement of Intention" as property to be retained...and don't list it anywhere else. I have done it that way many times. Call me if you need help...818-481-9284

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Answered on 4/25/02, 7:26 pm


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