my boyfriend doesn't agree with me, when you file bankruptcy you need to return items that are leased, right?

Answer 1

I am pretty sure but my friend bought a car and they have to come and demand it back....they didn't so he was awarded the vehicle as part of the bankrupcy without repaying the 12,000

Answer 2

Not necessarily. The court is allowed wide latitude in making these determinations. It also depends on which chapter you file under, reorg or total.

Generally, if you keep up the payments the lessor won't demand return of the leased item. Why take the loss?

Answer 3

Yes you have to return leased items. It is also best to file at the begining of the year because if you file in the middle of the year if you get any money back from taxes they will take it. Also if he is buying a car don't put it on there because if he does they will come repo it because once you file they can't put it on your credit if you don't make the payments. (They took my sisters car, my grandpa co signed for it and listed her car on his bankruptcy and they took her car because he filed and they couldn't put it on his credit if she failed to pay). Also if he is suing anyone they will take any money that he gets.

Answer 4

This is one of those"it depends" answers It depends on the type of bankruptcy you go for;it depends on the laws of your state; and it depends on the wording of the leasing agreement. Of course, it may also depend on the amount of money you have left over after the bankruptcy. LOL

Answer 5

It all depends on what the item is. If you continue to make the payments you should be able to keep leased items. If you cant make the payments you may have to surrender them.

Answer 6

yes... leasing does not equal ownership.