Here’s a question we received here on the bankruptcy Hamilton blog: If you have a leased vehicle and your account is in good standing, do you have to give that up, if you file for bankruptcy?
The answer is that in most cases you can decide to either keep your leased vehicle, or surrender it back to the leasing company if you go bankrupt in Hamilton. First, you should decide if you can afford to keep the vehicle, including paying the lease payments, insurance, gas, repairs and maintenance. For many people in financial trouble the best plan is to give up the vehicle, and get either a cheaper used vehicle, or take public transit to save money.
If you can afford to keep it, the final decision will be up to the leasing company to determine if they will allow you to keep the vehicle, and keep making payments, while you are bankrupt. Different banks and leasing companies have different rules, so feel free to e-mail a question or call us at 905-777-0770 to arrange a free consultation.
