Legal Question in Real Estate Law in Missouri
We had to default on a lease to own purchase of a 2003 Freightliner due medical and subsequent loss of income circumstances. The leasing company hasn't repossed the semi, but continues to send us monthly statements, which show us currently being over $21,000 behind... We are in the process of possibly filing bankruptsy, but was told we should send them an abandoned vehicle notice?
1 Answer from Attorneys
If you go the abodoned property route, you may not be able to claim the vehicle at all in yrou bankruptcy. If your loan docuemnts require you to retun teh vhicle upon demand, you may be guilty of theft by deceptiuon or other felonies, if you file the notice of abandoned vehicle. But, if you don't go broke or go to prison, you might get the semi transferred to your name without a lein on it, if they fail to properly respond wihtin a year of the notice. You woudl still owe fo rhe lease debt, but they woudl no longer have a lein on the semi to collect it.
this seems quite gamble. If you do nto beleive that you can get caught up on yrou debt, you might do better to negotiate a return of the vehicle to the leasor.
Good luck
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