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What can I do to keep a car I leased two months ago? Our atty said the pymt is too high. Filing for BK Ch.7 in 1-2 weeks.

Anaheim Hills, CA |

Two months ago, I leased a car w/ an $1100/mo. payment for 60 months. Since then, my financial situation has become grim and I am having to file for a Ch.7 BK. I have 3 other vehicles, one with a $1200/ mo payment, 1 with a $400/ mo payment (That we intend to keep), and 1 with a $700/mo payment. Our attorney has stated the only one we can keep is the $400/ mo lease, and all other payments are too much. This is a problem because my wife needs that car to take my daughter to school etc. and I need one to go to and from work (And I can't get a new loan because of my bad credit) I'd like to keep the $1100/mo car. What are my options on lowering the $1100 mo pymt if any? (I am upside down almost $20K on the $700/mo one) I plan on discharging the other cars in the BK. What can I do?

Attorney Answers 2


At least fake some humility and realism about what you've done. You're about to discharge your various obligations in bankruptcy, including at least 3 of your 4 very expensive cars, including one you only leased 2 onths ago, because all of a sudden you can't pay your bills. You'll be lucky if you get to keep your most affordable $400/car --you and/or your wife may have to take the bus for awhile until you get back on your feet.

Don't expect much sympathy from your bankruptcy trustee (or anyone else) because you want to keep another one of your luxury cars. You're now a "debtor," and your new lifestyle means making sacrifices, just like you're forcing all your creditors to do.

Ask your BK lawyer for more information on this process.

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.

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You've actually asked many versions of this same question. It is like you want a different answer from the same fact pattern. You also have an attorney that has given you about the same information you get here. I'm actually surprised that you are even able to file for Chapter 7 bankruptcy under the #'s you game earlier - you had $3,300 a month just in car payments - and you needed good income to qualify for the recent 1,100 lease 2 months ago.

Good luck with your situation. The fact that you just leased the car for 1,100 and probably have not even made the first lease payment will not be good fact pattern to ask for a lower lease payment.

Please remember, if you keep asking the same question with the same fact pattern you are going to get the same answer. I know you want the car and you feel you "deserve" it from your prior question here on AVVO, but you can't ask you have the benefits of filing a bankruptcy while not taking the corresponding responsibility of living within you means.

Matthew Williamson

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