Re: Can I get out of a car lease while in bankruptcy?

Posted by cddfisher (152.163.252.134) on November 10, 2003 at 20:27:17:

In Reply to: Can I get out of a car lease while in bankruptcy? posted by jacqui73 on November 10, 2003 at 00:02:37:

If you filed bankruptcy with an attorney, you should call the attorney and get his or her advice. If not, you can research Canadian Bankruptcy law. In the US, leases in bankruptcy can be assumed or rejected. Generally, if not assumed within 60 days of filing, they are deemed rejected. This means you can turn in the leased car. The car company can still sell it and obtain a deficiency amount. That amount, however, is discharged in the Bankruptcy and cannot be collected against you directly. If you assumed the lease (and a court order exists approving it) here in the US, you are liable for it and any deficiency.

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