Unexpected Benefit: Keep Vehicle Lease in Chapter 7

Wasson and ThornhillVehicles & Bankruptcy

If you want to keep your vehicle lease and are current you likely can under Chapter 7. You “assume” your lease contract and all of its terms.     Our last three blog posts have been about rejecting a vehicle lease and giving the vehicle back to the lessor. You can do this either through Chapter 7 or 13. The result is the … Read More

Unexpected Benefit: Reject a Vehicle Lease in Chapter 13

Wasson and ThornhillVehicles & Bankruptcy

Chapter 7 is the cleanest way to reject a vehicle lease and owe nothing. But if you have other reasons to be in Chapter 13, that works too.   Ending a Vehicle Lease in Chapter 7 Our last blog post was about how a Chapter 7 “straight bankruptcy” can get you out of a vehicle lease. You can “reject” a … Read More

Unexpected Benefit: Vehicle Loan Cramdown, Illustrated

Wasson and ThornhillVehicles & Bankruptcy

Chapter 13 can often give you the ability to reduce both your monthly payment and the total you pay on your vehicle loan. Here’s how it works.   Cramdown in Chapter 13 Last week we introduced cramdown as an extremely helpful tool for reducing the cost of your vehicle loan. Cramdown can often: Reduce your monthly payments—sometimes significantly. Reduce the … Read More