Our 341 is on 11/9 (Chapter 7). We have 2 vehicles, our car is a regular loan, our truck is a lease. We are planning on turning the leased truck in - we actually have not driven it in 5 months, it's just been waiting for them to pick it up!!! We didn't renew the license plates in May because we thought they'd come pick it up within 60 days of that, as we had already missed a payment and told them we were preparing to file Ch. 7. But it's Now November and it's STILL HERE!
Anyway, we can't afford to buy it and the lease is up in March 2011. Our BK will be discharged before that, I think, so I'm not sure what will happen with the vehicle. Will it be considered a repossession? Will that negatively affect our credit in addition to the BK? I know a foreclosure is looked at separately from a BK for obtaining a new home loan. Is it the same for car loans where a repo is worse than just a BK alone?
Anyway, we can't afford to buy it and the lease is up in March 2011. Our BK will be discharged before that, I think, so I'm not sure what will happen with the vehicle. Will it be considered a repossession? Will that negatively affect our credit in addition to the BK? I know a foreclosure is looked at separately from a BK for obtaining a new home loan. Is it the same for car loans where a repo is worse than just a BK alone?