Rejecting a lease / Repossession?

[ylime]

I'm getting a bit nervous about the timing of our filing and our cars.

We have one car on a lease that we plan on surrendering and rejecting the lease. Anyone know what happens if they repossess the car before we can file and reject the lease? Would this affect our obligation to pay on the car?

[justbroke]

If they repossess it prior to filing, then you'll have a repossession on your credit report. This will be a valid and true statement of your affairs with that vehicle lender and it will stay on your report for 7 years.

If you file and then surrender the vehicle (reject the lease), then you'll only have an IIB (included in bankruptcy) notation on your credit report. I can't tell you the exact affects of either notation, but the repossession will "hurt" your score more... unless your score is already so poor, it's below 550.

If you've stopped paying on that leased vehicle, then expect that they will repossess the vehicle. I really don't understand your question unless you're not making payments.

[ylime]

I haven't stopped payment but another payment will come due before we can file and I can't pay for both the lease and the attorney fees that's why I'm wondering about the options.

I don't know how quickly they would repossess, I'm just a bit nervous about it since we've been late in the past and they've been pretty aggressive.

[lrprn]

No one here will be able to predict with any reliability how fast your car's lease owner might react to a missed payment and start repo efforts. Your lawyer may have some idea if other bk clients have had leases with this same lease owner.

You mentioned in your last post "...since we've been late in the past and they've been pretty aggressive". How aggressive were they in the past and what did they threaten to do?