Legal Question in Bankruptcy in Utah
Bankrupting a car lease
can I bankrupt my new car lease and still keep the car or re-negotiate the payment?
Asked on 6/10/03, 3:28 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Bankrupting a car lease
If you file bankruptcy you list ALL of your debts, you cannot pick and choose. If you file Chapter 7you can reaffirm with the lease, but it will be the same contract, and you will probably have to bring current any delinquency. If you file Chapter 13 you may be able to renegotiate the lease if the lease is not reasonable. If you have to file, I suggest that you consider NOT reaffirming. Get an older, less expensive car until you get your finances in control.
Answered on 6/10/03, 3:43 pm
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