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If you filed Chapter 7 bankruptcy last year how it will look on your credit if you surrender your leased car?


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Wiki User
2015-07-15 19:32:25
2015-07-15 19:32:25

NO worse than the B/K and you get to pay any balance owed. What great service from your friendly B/K attorney did you get for the money you payed? good Luck

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You should have told the court and the trustee in the chapter 7 documents what your intentions were with respect to the lease. If you were terminating the lease, you must return the leased property to the creditor.

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If a car is leased, you can keep it as long as you are paying it on time.

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Under Illinois Bankruptcy laws, the homestead exemption includes farm lot & buildings, condominiums, personal property or cooperative. These homes can be owned or leased. They can be up to $15,000, including the proceeds of sale for one year.


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