When to File - Car Lease Question

[freedomnow7]

Hi Everyone -

Thanks for creating this board. I'm new here (first post) and it has been extremely helpful.

I'll make this quick:

1. I am well in over my head with about 50k in unsecured debt after a failed business and I am filing Chapter 7
2. My car lease is up on July 4th (next month)
3. I went over on my miles and will owe about 9k for excess miles
4. Payments are current
5. I am saving for another car (cash) and have about 3k saved

Question:

1. When is the best time to file so that I can include the excess miles in the BK; before the lease is up, or the day after I turn in my car?

2. The money that I have saved for another car (3k); will that be taken away in a BK?

Thanks!

[AngelinaCatHub]

Your questions depend upon your state. Since you have not listed it, I can only say that in FL the auto exemption is 1K for one car. If you keep your 3K yes it is part of your estate. Again, you may have cash exemptions. DO NOT attempt to hide anything.

At this time, if it were me, after checking all I mentioned, I'd purchase your car now and give as long a time before you get your attempt to collect on the overage by you. In other words, turn the car in and tell them "good luck, I'm bankrupt" and leave the car as is.

Let them make the attempt to sue as it will take many months for them to do so. Plan your bk, but do not devise it to commit any kind of wrong doing. The bk Court is very kind, unless they detect foul play. Then you will see their wrath. 'Hub

[freedomnow7]

Thank you for responding. I'm in California. So, you're saying to get a car, turn in my car when it is due, and then plan the BK a few months after I get my car?