End of lease on car...thinking about filing Chapter 13

[youngnbroke]

We have yet to contact an attorney about filing 13...I am convinced at this point that it is our only option. But the one thing I am most concerned with is our vehicle. We are a one car family and have 2 more lease payments on our 2006 VW Jetta. Originally we planned to buy out the car after the lease is done, but now with the possibility of filing Chapter 13, I wonder if it would be in our best interest to try to get a new car now - something that will last us the duration of the bankruptcy. Few problems though - I'm not sure if we'd even qualify for a new loan. My husband's credit is NOT good, mine is ok...but I'm WAY over extended on credit. Would a co-signer be enough, if we couldn't do it ourselves?? Also, we went way over our mileage and we are looking at an additional $6,000 just for that! I have no idea what to do! Not sure the Jetta will last us another 7 years!! OH and one more thing, I read somewhere that you could purchase a new car, and then "throw in" the leased car on the bankruptcy?! Is that legal?! lol

Thanks for ANY advice!!!

[debtinohio]

Yes - you can purchase a replacement car and just reject the lease in the filing.

We can't answer the financing questions, start shopping around before your credit gets any worse and see if you could get approved.

I like VW's and I'm sure it will last fine - but they can be a maintenance headache at times and may be a budget-buster.