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

Reaffirming a Secured Debt in Chapter 7

Wasson and ThornhillSecured Debts

You are allowed to exclude a secured debt—to keep your vehicle or furniture, for example—by reaffirming and not discharging the debt.   Last time we got into debts that you might voluntarily pay after a Chapter 7 case out of personal obligation. Today we cover debts voluntarily paid but for the purpose of keeping the collateral that’s securing the debt. … Read More