Louisiana contractor considers filing chapter 13. Has leased equipment used to conduct business. Monthly debts are too much to maintain during slow period, but am current on all bank notes at this time. Also expect business too pick up in March/April.
Can the lease company repo equipment, which would eliminate business income and shut it down. Can equipment be purchased at current market value over time of bankruptcy. Equipment was leased in October, right at start of holiday/winter slowdown. Company truck is over 2.5 years into loan, so market value is payed. I would think the same may apply to lease, but lease is too new.
Maybe the best I can hope for is a payment delay for 60 days, then have to assume back payment and stay current on payments. The again is it unlikely a leasor will come 1200 miles to repo the equipment?

