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DrakeLAW, Lawyer
Category: Legal
Satisfied Customers: 756
Experience:  Attorney at Drake Law Firm PLC
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I filed for chapter 7 Bankruptcy last year. I assumed my car

Customer Question

I filed for chapter 7 Bankruptcy last year. I assumed my car lease, but now I have fallen into some legal troubles and I can no longer pay for my almost 500.00 a month car payment and I will not be able to drive for a year. Can I walk away from the lease with out any penalties because I never signed anything with the finance company, just its states onthe bankruptcy the lease was assumed.
Submitted: 1 year ago.
Category: Legal
Expert:  DrakeLAW replied 1 year ago.

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Please tell me exactly where you are saying you see that it says the lease was assumed. Is it in the form titled Statement of Intentions only?

Customer: replied 1 year ago.
its just one page in the filing and it state car lease "assumed"
Expert:  DrakeLAW replied 1 year ago.

Ok, well that is just a statement of your intention. The lease was not actually assumed however as that right belongs to the chapter 7 trustee. So assuming you got a discharge, then the lease obligation is discharged and you will not be liable for any damages.

Customer: replied 1 year ago.
Should I just let them repo the car then?
Expert:  DrakeLAW replied 1 year ago.

Yes, or contact them to turn it over. Up to you.

Expert:  DrakeLAW replied 1 year ago.

You would be liable if you had executed a Reaffirmation Agreement with them. Any further questions?

Expert:  DrakeLAW replied 1 year ago.

Please kindly rate the question so that it may be closed and I may receive credit. Thank you.

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