Legal Question in Credit and Debt Law in New Jersey
i cannot afford my car lease
I leased a VW Passat in 2002 but lost my job with the airlines in 2003. My lease payment is half of my unemployment compensation, & I am single. I cashed out my 401k but now that's all gone, & I can't make ends meet any more. The job I am getting certified for (substitute teacher) will not commence until late November, & even then I'll be making as much as I make on unemployment. I contacted VW & the options are all costly, since apparently the car is worth 10K less than what I owe. I only have 1k in my savings, I do not own a house nor have any other assets. I'm also currently in Chapter 13 bankruptcy trying to repay my credit card debt through the court. Is there any possibility, due to hardship, of me breaching this contract & returning the vehicle without getting sued or losing my shirt to attorney fees? Help!
1 Answer from Attorneys
Re: Conversion from Chapter 13 to Chapter 7
It appears that you may be in a position to convert your bankruptcy proceedings from Chapter 13 to Chapter 7. If you have a Chapter 13 attorney, you should speak with him or her about this. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have an attorney, you need to talk with him or her. If you are representing yourself, you may want to contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. If you need an attorney, feel free to call me, [856-546-8010] mention Law Guru and your first one hour consultation will be free. Good luck! Rob Gleaner
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