How does bankruptcy affect car leases? 3 Answers as of August 26, 2010

Can car leases be discharged through bankruptcy? Is there a certain car value that can be reaffirmed through chapter 7 bankruptcy?

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Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You can keep a lease depending on the vehicle and payment. If you have a very high end car with a large monthly payment, the trustee might object and require you to surrender the lease.
Answer Applies to: California
Replied: 8/26/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
If a car is leased it means that you don't own it and it is not an asset. As long as you are current on or around the time of filing, you can assume the lease for the remaining period of time left on the lease.
Answer Applies to: Arizona
Replied: 8/26/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Obligations on a car lease are definitely discharged in a bankruptcy case. You can do a lease assumption on a vehicle, but usually it's just best to continue making the payments on the lease, then turn it in at the end of the lease with no further obligation.
Answer Applies to: California
Replied: 8/25/2010
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