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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15641
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If a person files chapter 11 and has as their only asset a

Customer Question

If a person files chapter 11 and has as their only asset a leased vehicle do the payments for it get paid through the trustee or the person themselves.
Submitted: 9 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 9 months ago.

WALLSTREETESQ :

It would be paid by the debtor if they want to keep the leased vehicle,

WALLSTREETESQ :

While under Chapter 11, a company can only make the usual sales and purchases that are part of its standard business operations. For example, it can't buy out another company, sell off a division of the company, or sell a major piece of equipment or property without approval from the court.

WALLSTREETESQ :

If the debtor filed a chapter 7 which is typical for individuals,

WALLSTREETESQ :

the debtor would directly pay the leased vehicle,

WALLSTREETESQ :

Be aware in a chapter 11 there is no trustee,

Customer:

Maybe its Chapter 13

WALLSTREETESQ :

In all Chapter 11 proceedings, a creditors' committee represents the majority of the unsecured creditors, and negotiates the best possible payment options for them.

WALLSTREETESQ :

In a chapter 13, a debtor would make the payments in most cases,

WALLSTREETESQ :

unless they list the leased vehicle in the plan, then the trustee would pay the car payments,

WALLSTREETESQ :

however most leased vehicle payments are made by the debtor

Customer:

The car was leased last year and its in both my name and ex-husbands name (divorce was final in Sept) and since he filed the finance company has been calling me constantly because they say the payments aren't being made and in our settlement agreement he got the car and I was not to be responsible for it. Now the finance company has posted a serogatory thing on my credit report so I wasn't sure of how they payments were to be made. I know he had a meeting of the creditors and a trustee was appointed. We are in PA by the way

WALLSTREETESQ :

regardless if the trustee was paying or the debtor,

WALLSTREETESQ :

the car payments should be made,

WALLSTREETESQ :

and on time,

WALLSTREETESQ :

if they are posting a negative remark on your credit of for this,

WALLSTREETESQ :

consider filing a motion in Family Court to force your ex to pay the leased vehicle, and to pay you for the damage to your credit, especially if the car was was given to him in the divorce,

Customer:

Okay here is another problem I have. He moved to Florida before he filed but he filed in PA. I also know that when he filed he used my address for his address and not his FL address because his documents said he was not paying any rent and lived at my house. So even if he is in Fl can I do the Family Court and how do you determine amt for damage to credit

WALLSTREETESQ :

yes, you can file in PA, if he was a resident,

WALLSTREETESQ :

in terms of damage to your credit you should ask for a reasonable amount for damages I would start with $10,000

WALLSTREETESQ :

and have the Court issue you some amount that is fair.

Customer:

Could the attorney I used in the divorce help me with this

WALLSTREETESQ :

yes,

WALLSTREETESQ :

you can also ask for a copy of the bankruptcy filing to see what he filed,

WALLSTREETESQ :

and how the car was treated.

Customer:

I didn't realize that because his attorney has been giving me grief about my house because his name is XXXXX XXXXX loan and line of credit and the bank won't give me any information because of the bankruptcy even though I didn't file. It has taken a week just to get the line of credit pay off and these people are just screwing up my life and I am trying to do the right thing

Customer:

Who do I need to ask for the copy of the filing

WALLSTREETESQ :

you should ask him directly, you can also hire a bankruptcy attorney

WALLSTREETESQ :

to review it in the court,

WALLSTREETESQ :

it is public information

Customer:

okay thank you so much for giving me something to believe that this mess might get straightened out. I will give you and excellent rating for all of you advice. Thanksagian

WALLSTREETESQ :

good luck, and thank you

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15641
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 3 other Bankruptcy Law Specialists are ready to help you

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