I filed bankruptcy in 2008 and has been discharged. now i cannot pay for this leased vehical i currently have. what if i stpp

Asked almost 4 years ago - Denver, CO

paying for it? will it mess up my credit? or will the co owner have to take care of it themselves ?

Attorney answers (4)

  1. Mitchell Paul Goldstein

    Contributor Level 20

    Answered . You are responsible for the remaining term of the lease. If there is another person on the lease, then you are both responsible. As long as someone pays, there are no issues. If no one pays, the leasing company could sue either or both of you.

    [I am a Virginia-licensed attorney. This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]

    I hope this helps. If you think this post was helpful, please check the thumbs up (helpful) tab below. Thank you!

  2. Christopher M. Mcavoy

    Contributor Level 11

    Answered . I am assuming that you got this car after the bankruptcy was filed. If you stop paying for the vehicle lease, the lender will repo the car and sell it and come after you and the co-signer for the deficiency. Bankruptcy generally will help credit improve unless things like this happen. You are digging yourself a serious hole for both you and the co-owner. It's time to start making hard choices. I wish you the best.

  3. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    Answered . You stated that you were assuming the lease in your bankruptcy or thelender would have taken the vehicle. If you stop making the payments you will be liable for the lease contract.

  4. Mark Markus

    Contributor Level 16

    Answered . It's not clear from your post whether you leased this vehicle before or after you filed your prior bankruptcy case. If before, then any obligations you had under the lease were discharged in your bankruptcy and you have no further obligation (although they can obviously repossess if you fail to make payments).

    Mark J. Markus, Attorney at Law
    Handling exclusively bankruptcy law cases in California since 1991.
    http://www.bklaw.com/

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