if i file chapter 7, anyway to keep car lease?

[silturbo]

currently i have a lease on a 06 ford explorer which still has 20 more months of payments of 389 dollars.

if i file chapter 7 is there anyway i can still keep the car if i make the payments?

i did a search but i can not understand reaffirmation.......

thanks for any help, my journey to recover my life begins soon

[CATCHMEIFYOUCAN]

you should be able to .. reaffirming with the creditor is an agreement between you and the creditor that you will continue to make payments, make sure you get approval through the trustee and court system. if you just reaffirm the debt without the courts approval anything can happen (they can take the car).

btw: any debt can be reaffirmed with a creditor - however, if is not legally approved through the courts than it is not legally binding!

Just wanted to add somewhere in this post are lots of questions and responses about reaffirmation. Lets say you do reaffirm the debt with the creditor BUT without the courts approval, than later on down the line you relize you can no longer pay and just have the company take the car, then you wont owe them if they come after you, reason #1 the creditor did not get approval by the courts of the reaffirmation and you had listed them on you bk.

So, IF you do reaffirm and you WANT to get the courts APPROVAL, and later on down the line you relize you can no longer pay, THAN the creditor could legally sue you for the remaining debt and take the car because you legally got the reaffirmation approval through the court system.

Gosh, I hope I didn't confuse you ! I'm not a lawyer just an informed reader from this forum. So don't go just by my words.

catchmeifyoucan

[FilingOnMyOwn]

Yes, but why would you want to? A gas guzzling waste of a rental car, thats all it is... $400+ a month down the toilet. The reason people file bk is to eliminate problems like this, not continue with the same problems.

[CATCHMEIFYOUCAN]

Leasing

Yes, but why would you want to? A gas guzzling waste of a rental car, thats all it is... $400+ a month down the toilet. The reason people file bk is to eliminate problems like this, not continue with the same problems.

Have to agree with FilingOnMyOwn, I never understood why people LEASE vehicles, it's like throwing hard earned money away.
This one dude I knew rented a car from this rental company he was working for - different car once a month or so - he was running some kind of drug ring though
Maybe the Trustee would frown upon a lease and less on a good new/used car!

Good Luck, Catchmeifyoucan

[emoney]

The most expensive miles driven on a car first 50,000 miles. When you lease a car you are paying to drive a car during that period when depreciation per mile is the greatest.
So why lease a car???? If your driving needs change during the lease you are hooked again. Rich people rarely lease cars, so why should we do it if we want to have and keep our assest and good style of living.
Regards,
emoney

[silturbo]

yea, the explorer is a crazy gas guzzling car, i spend like 40 dollars each week sometimes 50. so its like 600 dollars just to drive the car a month.

i would definitely give it up in a heartbeat, but am i still allowed to get another older car so i can go to school?

[SinkingFast]

With you filing Ch 7, you can opt to do a 727 Redemption Loan.

There are lenders who specialize in car loans during the actual BK process. You can refinance an existing car loan or choose to purchase a car from the 722 Lender. If you go with Refinance, the 722 Lender can negotiate with your current finance company to possibly get a lower loan amount. That's why it's called a Redemption Loan. You Redeem, or pay in full, what ever amount your current Lender agrees to take for the car.

This is something you have to discuss with the attny you retain to handle your BK. The attny has to assert that the car payment would not pose an undue financial burden on you and the Trustee has to agree.

Something to ask about.

[FilingOnMyOwn]

i would definitely give it up in a heartbeat, but am i still allowed to get another older car so i can go to school?

Of course. I bought a car shortly after my 341. If you are financing you will have to wait for discharge.