Comments on: Is it better to file for bankruptcy before turning in a leased vehicle before the contract is due? http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Lief Y http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm/comment-page-1#comment-5408 Lief Y Sun, 07 Feb 2010 07:48:05 +0000 http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm#comment-5408 banrupcy clears your record but it will be very hard to get a good loan or other credit if you do that. banrupcy clears your record but it will be very hard to get a good loan or other credit if you do that.

]]> By: Taztug http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm/comment-page-1#comment-5409 Taztug Sun, 07 Feb 2010 07:48:05 +0000 http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm#comment-5409 Not sure how long a repo stays on your credit history. Bankruptcy stays on there for 7 years. I would take the car back and talk with the auto-dealer's financial person to work out some sort of payment plan for any outstanding money that you owe. Not sure how long a repo stays on your credit history. Bankruptcy stays on there for 7 years. I would take the car back and talk with the auto-dealer’s financial person to work out some sort of payment plan for any outstanding money that you owe.

]]> By: MC Rom http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm/comment-page-1#comment-5410 MC Rom Sun, 07 Feb 2010 07:48:05 +0000 http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm#comment-5410 Bankruptcy is pretty much the worst thing for your credit history. It would be years before you could get any kind of credit again. A lien on your home or garnished wages would be small potatos in comparison. Avoid bankruptcy at all cost--it happened to my brother, and he's still suffering for it, despite the fact that he has been financially solvent, even successful for six years. He and his wife still haven't been able to get a mortgage. Talk to an accountant. Leased cars are rarely the most cost-effective transportation. They're usually a rip-off. You should get advice from a more unbiased source next time. Bankruptcy is pretty much the worst thing for your credit history. It would be years before you could get any kind of credit again. A lien on your home or garnished wages would be small potatos in comparison. Avoid bankruptcy at all cost–it happened to my brother, and he’s still suffering for it, despite the fact that he has been financially solvent, even successful for six years. He and his wife still haven’t been able to get a mortgage. Talk to an accountant.

Leased cars are rarely the most cost-effective transportation. They’re usually a rip-off. You should get advice from a more unbiased source next time.

]]> By: "O" Wise One http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm/comment-page-1#comment-5411 "O" Wise One Sun, 07 Feb 2010 07:48:05 +0000 http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm#comment-5411 Yes, file first then you have an option to keep the car or let it go back. Ask your bankruptcy attorney to be sure that it's the best way for you on a chapter 7. Although I'm sure it is. Yes, file first then you have an option to keep the car or let it go back.

Ask your bankruptcy attorney to be sure that it’s the best way for you on a chapter 7. Although I’m sure it is.

]]> By: manny http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm/comment-page-1#comment-5412 manny Sun, 07 Feb 2010 07:48:05 +0000 http://howtogobankrupt.org/is-it-better-to-file-for-bankruptcy-before-turning-in-a-leased-vehicle-before-the-contract-is-due.htm#comment-5412 Get a second job to pay for it. Find the money elsewhere. Do whatever you can do to NOT do what you are thinking about doing. It will cost you SO MUCH MONEY!!!! Your credit is going to get nailed (future loans will cost 10's of 1000's more). You are going to get billed and possibly sued for the balance of the loan. This is the worst possible thing you can do financially besides throwing money out the window as you drive down the freeway. Don't worry about the miles. When the lease is almost due, just trade it in like you have a regular simple interest loan. It'll be CONSIDERABLY cheaper than what you are conisdering doing, and you won't be billed for the miles. The car will simply be worth less money, but that's 1000's cheaper than a milage penalty for turning in the car. Get a second job to pay for it. Find the money elsewhere. Do whatever you can do to NOT do what you are thinking about doing. It will cost you SO MUCH MONEY!!!! Your credit is going to get nailed (future loans will cost 10’s of 1000’s more). You are going to get billed and possibly sued for the balance of the loan.

This is the worst possible thing you can do financially besides throwing money out the window as you drive down the freeway.

Don’t worry about the miles. When the lease is almost due, just trade it in like you have a regular simple interest loan. It’ll be CONSIDERABLY cheaper than what you are conisdering doing, and you won’t be billed for the miles. The car will simply be worth less money, but that’s 1000’s cheaper than a milage penalty for turning in the car.

]]>