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Chapter 7 BK: Am I liable for damages after a repossession?

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  • Chapter 7 BK: Am I liable for damages after a repossession?

    After our Chapter 7 BK was discharged, we decided to keep one of our vehicles without ever signing a reaffirmation agreement, we just continued to make the lease payments. The vehicle has since had major mechanical problems and is not running. In an effort to save money for the repairs the payments have fallen behind and The Bank sent a letter saying that the vehicle is going to be repossessed due to non-payment for the last two months.

    I know that the bank has not been reporting the on time payments for the last year on my credit. So my question is:

    Am I liable to see that the vehicle is back in the working condition it was when I leased it, or can I tell them to come get it, as is, without later recourse by the bank to repair the vehicle?

  • #2
    re: Chapter 7 BK: Am I liable for damages after a repossession?

    WLD emailed you...

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    • #3
      re: Chapter 7 BK: Am I liable for damages after a repossession?

      Duplicate thread. Please go to:

      http://www.legaljunkies.com/forumdeb...ossession.html

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      • #4
        Re: Chapter 7 BK: Am I liable for damages after a repossession?

        If the vehicle was not included in the Chapter 7 bankruptcy, then you could be liable for the vehicle. Even if the vehicle is in good condition, if there is a residual amount left on your lease they could come after you and get a judgment. That's why it's usually good if you foresee that it might be tough to make the payments on a vehicle or anything else, it's probably best to give it up in the bankruptcy. This way you can be sure that you have no liability for that item.
        Bankruptcy filing help from bankruptcy attorney.. DIY4LAW

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