What to do about a leased car and a bankruptcy filing?

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What to do about a leased car and a bankruptcy filing?

I have a leased car. Payments have been up to date and ahead. My father is the co-signer. I am filing Chapter 7 because of medical bills. I did my statement of intentions to pay the remaining balance of the leased car. Do I need to complete the reaffirmation agreement as well?

Asked on March 19, 2014 under Bankruptcy Law, Indiana

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You are not obligated to sign the reaffirmation agreement.  Your intention to reaffirm the debt as stated in your bankruptcy is sufficient.

However, it may be in your interest to sign the reaffirmation agreement because it may offer better terms (lower interest, lower payments, etc.) than the terms in your present auto lease.


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