Will they take my leased vehicle ? Bmw financial

[2xchapter]

I plan on filing chapter 7 soon, but not going to add the leased vehicle to the list of creditors as my father cosigned on the lease for me.

my question is after i file chapter 7 without the car, will they still take the leased car?, will it effect my fathers credit?. It's with BMW financial if that makes any difference.

i'm asking this because my uncle filed bankruptcy 9 years ago and toyota took the car (without him knowing, early morning), he didn't include his home, and vehicle to the list of creditors.

anyone have any knowledge on this?

[justbroke]

I plan on filing chapter 7 soon, but not going to add the leased vehicle to the list of creditors as my father cosigned on the lease for me.

Your must disclose all leases on your filing!!!

my question is after i file chapter 7 without the car, will they still take the leased car?, will it effect my fathers credit?. It's with BMW financial if that makes any difference.

Regardless of whether you declare it in your petition or not (which you should be disclosing it anyhow), BMW will receive notice. In order to keep the car, you will need to assume the lease. This means, basically, that you're not giving it up in the BK and that you are keeping it.

If you don't assume the lease, it's called a rejection of the lease. You may need to return the car if you reject the lease.

Now, lease rejection happens automatically if you don't file a motion to assume the lease 45 days after filing.

There are many scenarios and you could possibly ride-through the lease. However, without making any motions, the lease it technically rejected or canceled.

Having wrote all that, what you should be doing now is thinking about if that lease is "worth it". You should consider if you want to get out of the lease. Also, your lawyer will look at the lease too, to see if it's burdensome to you (e.g. can you afford it).

i'm asking this because my uncle filed bankruptcy 9 years ago and toyota took the car (without him knowing, early morning), he didn't include his home, and vehicle to the list of creditors.

Well, there's a new Automatic Stay now and you'd be well aware of any actions that are going to happen before they do. Sounds like uncle's car was repossessed, outside the bankruptcy process.

[2xchapter]

ah crap, will my fathers credit go down?

[justbroke]

ah crap, will my fathers credit go down?

Maybe. How much it affects him will depend on this individual credit status. It will probably show as IIB (Included in Bankruptcy) on his credit report. He may be able to have that entry removed.

If lucky, and you assume the lease, you may be able to have it changed to a current and continued reporting status.

However, I'm not making any recommendation as to whether you should assume or reject this lease.

This is exactly why you should never co-sign for anyone... even your siblings, children or parents... and especially not for friends or relatives! You are now enjoined as to that debt that you co-signed on.

And, not to scare you, but if you were to reject the lease, you wouldn't be responsible for any deficiency caused by the lease terms. For example, say that you were 12 months into a 48 month lease and that if you canceled the lease or otherwise in default, you'd be subject to paying the other 36 months as well as any deficiency from the sale of the vehicle. If you were to file Chapter 7, you'd be okay and that amount, as to you personally, would be discharged. However, the lessor could go after any co-signer for the amount. Yes, that's right... they'd go after dad.

[2xchapter]

can't let that happen:P i have no problem paying the car so i'll talk to the lawyer, thx just broke!