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  1. #1
    Join Date
    Sep 2008
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    Default Lease and Chapter 7

    My question involves bankruptcy in the state of: new york

    hello all i am new to the forums. i am inemployed and thinking about filing for chapter 7 my question is i have a car lease that is up in may. do i need to notify the company that i am leaseing the car from and tell them i am filing for chapter 7? i spoke to a lawyer and he said i dont need to notify them as long as i am going to keep making the payments on the car. my next question is being that my lease is up in may can i try and end the lease early and reinance my car before i go bankrupt this way i can keep my car and not have to worry about whats going to happen when my lease is up. i dont want to be sneeky about anything i am jut trying to have a car through all this. i was thinking about refinanceing the car early if i can do that and then file for chapter 7 is that ok to do? and do i need to tell the company that i am filing for it? any information would help
    thank you

  2. #2
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    Default Re: Lease and Chapter 7

    any one have any information?

  3. #3
    Join Date
    Apr 2007
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    Southeastern Michigan
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    Default Re: Lease and Chapter 7

    First off, how will you secure financing while being unemployed? Secondly, if you were to refinance then file for bankruptcy, your bankruptcy would most likely be denied. From what I understand, you're not suppose to have any major financial purchases or expenditures at least 180 days prior to filing.

    Discuss this and all your questions with your attorney. S/he best knows your situation and what can/cannot be done.

  4. #4
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    Sep 2008
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    Default Re: Lease and Chapter 7

    thank you for your information. thats the thing the lawyer i am talking to said it wont be a problem if i refiance then claim bankruptcy. if siad i dont need to notify the compay of my bankruptcy. to me it sounds fishy thats why i asked the question on the board. i also told him that i didnt' want them to deny my bankruptcy if i fianced the car. he said there is no judge i have to see. i can make enough money to pay my car and insurance only with my unemployment even if i get a shit stock boy job i already figured the numbers out. my payment isn't that much. i pay around 400. amonth with insurance. maybe i should call another layer and see what they have to say.

  5. #5
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    Sep 2008
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    Default Re: Lease and Chapter 7

    i went to talk to a lawyer today and it seemed like everything was going good. i haven't decided to go through with it though. i did ask her if i can refiance my car now before i file for bk just so when my lease is up i wont have to worry about what will happen if i file and try and finance it when the lesae is up she said that is all right to do and a good idea. i also said i was told that would it be considered a major pursche and she told me that was not true. what they usally look for is if you make a cash advance on your credit cards and then file for bk.

  6. #6
    Join Date
    Apr 2007
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    Default Re: Lease and Chapter 7

    Then best wishes to you. Your attorney knows your situation best.

  7. #7
    Join Date
    Sep 2008
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    11

    Default Re: Lease and Chapter 7

    Hello i am going to talk to a nother lawyer to see if he gives me the save advice that the other lawyer told me about i can keep my car and refiance it and dont have to worry about it. but i have a year left on my lease any way so i might just keep it and keep paying it (of course) and then when my lease is up i will try and get another car i can have a enough money saved up to put a good downpayment on a car. oh and also i accadently bought something off of ebay last week through my credit card i thought i was taking the money out of my bank account is this ok? would it bring a red flag if i file in two months? the amount was like 100.00.

  8. #8
    Join Date
    Apr 2007
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    Southeastern Michigan
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    Default Re: Lease and Chapter 7

    Quote Quoting chris246810
    View Post
    i accadently bought something off of ebay last week through my credit card i thought i was taking the money out of my bank account is this ok? would it bring a red flag if i file in two months? the amount was like 100.00.
    Usually no. When you file for bankruptcy, they don't like to see any transactions for non-essential items (minus bills, mortgage, etc). They especially don't like to see charges on your credit card(s) for a period of 180 days (est).

    Again, talk with your bankruptcy attorney.

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