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If you voluntarily let a leased car go because you can not afford it following a bankruptcy will they chase you for the remainder of the lease payments or vehicle value?


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2011-09-12 22:22:16
2011-09-12 22:22:16

Joey, that's a good question to ask your B/K attorney. S/He would be more familiar with your states B/K code.

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When you either voluntarily give up the house or you stop making payments (foreclosure).

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Yes, bankruptcy covers most types of payments with the exception of federal taxes and student loans. The ultimate decision is in the hands of the bankruptcy judges and the trustees.

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Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.

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Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.


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