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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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  #1  
Old 02-10-2009, 02:16 PM
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Join Date: Dec 2008
Location: Columbus, GA
Posts: 2

Chapter 13 and a leased vehicle

What is the name of your state (only U.S. law)? Ga

We have two cars leased with about 16 months left on on and 2o months left on the other. If we file Chapt 13 can we include these in the bk.
  #2  
Old 02-10-2009, 03:46 PM
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Join Date: May 2001
Posts: 6,600
Yes. the residual value of the leases is unsecured debt.
  #3  
Old 02-10-2009, 08:55 PM
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Join Date: Dec 2008
Location: Columbus, GA
Posts: 2

lease vehicle

so the residual value on my camry is aroung $12,500 do this mean i roll the amount into the bk and get to keep the car past the lease turn in date like i am buying the lease out or do i have to turn it in 16 months. thank you for your help in matter.
  #4  
Old 02-10-2009, 09:00 PM
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Join Date: May 2001
Posts: 6,600
OK, let's start over. Your OP sounded like you wanted to surrender the cars. If so, the amount owed on the lease is unsecured debt and the leasing company takes the cars back once they get permission from the bk court.
If, you intend to keep the cars, you must stay current with the lease payments.
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