lease agreement Archives

If you file a Chapter 7 case and write off your other debts, will you want to keep your vehicle lease? You can if you're current on it now.

A business leases may not be a true lease but rather recharacterized as a secured purchase, giving you significant power over the creditor.

With business leases you have the same options in bankruptcy as with consumer leases: to "assume" or "reject" the lease.

To determine whether a "lease" is actually a disguised secured purchase the bankruptcy court looks at the deal's economic substance.

A "lease" of furniture or other consumer goods may actually be a disguised purchase. If so, through "cramdown" you can pay much less on it.

Leases of consumer goods--furniture, appliances, electronics--are like vehicle leases: you can "accept" or "reject" them.

Chapter 7 bankruptcy gives you serious advantages for getting out of a residential lease--advantages in money, time, and peace of mind.